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Irs Audit: Letters
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An audit is an inspection of an individual's or entity's books and records by the IRS. If you're being audited, the IRS will send you a letter stating which type of audit applies to you. There are 3 types of audits:
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At the end of an audit, the IRS may propose additional tax, penalties, or interest be assessed in the form of a“30 Day Letter”. The “30 Day Letter” informs you of the audit recommendations and gives you 30 days to request review by an appeals officer. If you file a protest within the 30 days, your case moves to Appeals. If you do not file a protest within 30 days, a Notice of Deficiency or “90 Day Letter” will be issued. This “90 Day Letter” is your ticket to the U.S. Tax Court [link to litigation]. When you receive these notices, you must act quickly, or lose your right to contest the new burden without first paying it. At every stage it is necessary to have professional and aggressive representation watching out for you.
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The IRS notified PricewaterhouseCoopers of the audit in a June 3, 2005, letter to Starr, a partner based in Washington and an adjunct professor of law at Georgetown University. Starr's letter to his fellow partners, sent June 15 of this year, said the audit covers the firm's fiscal years ending September 2002 and September 2003. Copies of both letters were provided to Bloomberg News.
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