Audit protection shields you from the dangers and stress of dealing with the IRS (or a state tax agency) on your own.
Let's be clear: audit protection isn't the same as audit immunity; it's the subtle peace of mind that comes with knowing that if things go bad, you'll have a team of battle-tested tax specialists on your side.
Audit protection ensures that auditors are held accountable for their decisions, and that if a balance is due as a result of the audit, you owe no more than you legally owe. Our defenders safeguard your finances by ensuring that any tax owed is as little as feasible, as well as that any fines are waived when appropriate. While we cannot guarantee that you will owe no taxes at the conclusion of your audit, we will make every effort to obtain the lowest amount owed based on your facts and evidence.
Tax Alliance will be at your side, assisting you in exploring every possibility in order to achieve the best possible audit result. Proposed audit changes will be double-checked for factual and mathematical accuracy, as well as legal accuracy. Examiners trust documentation that is presented in an orderly and professional manner, so we'll help you organize your paperwork so that the auditor doesn't have to think too hard about them. Rather than requiring you to file an amended return after the audit is completed to fix the reporting error, many IRS auditors may offer you credit for misclassified costs or deductions during the audit. It's difficult to know when and how to inquire.
Fortunately for our members, knowing how to do things the “right way” is something we take pride in at Tax Alliance every day. Planning, organizing, and producing results are three critical factors in how audit protection benefits you.
Below are a couple of attributes that may be included with some audit protection solutions.
Important points to keep in mind
Prepaid audit protection is separate from audit representation, which includes hiring a specialist to represent you as soon as the IRS has advised you that you're being audited. Normally, you can not receive audit protection after you discover you're being audited-- you need to acquire the protection prior to you submit your return.
As well as audit protection services may come with an expiry date. As an example, a solution may agree to cover your return for as much as three years from the day the Internal Revenue Service approves a return for a given income tax year because the IRS normally can consist of returns that have been filed within a three-year period in an audit-- although the Internal Revenue Service might extend that timeframe to six or more years if it identifies any considerable mistakes.
What are the probabilities of an audit?
You can think of audit protection as insurance for your income tax return. For example, an automobile insurance policy can secure you in case you're ever in an accident. You pay for automobile insurance coverage based upon the chance you may require it eventually. However while the chances of someone passing away in a car crash are 1 in 106 (according to 2018 National Safety Council information), your opportunities of being audited are a lot less. In fact, out of all the returns submitted in 2017 and also evaluated throughout the 2018 fiscal year, the Internal Revenue Service audited just 0.5% of the 196 million income tax return it received. That means in 2018, the probabilities of being audited for all taxpayers were 1 in 200.
Yet greater percentages of certain groups of people were audited in Fiscal Year 2018. The IRS audited 6.66% of all returns filed in 2017 that had actually changed gross earnings of $10 million or more-- a group that represents just 0.01% of all returns submitted that year. Meanwhile, the service likewise audited 0.69% of returns with AGI of $1 to $24,999. That group stands for 35.59% of all returns submitted.
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