The IRS Audit Process can start out in a variety of ways but usually it starts out with a letter. A letter saying "bring all your books and records down for review by the IRS." Few letters strike fear into the hearts of Americans as an IRS Audit Process letter. But with some advance information, you can be better prepared after you receive such a letter. You'll have a better understanding of the entire IRS audit process including Notices of Deficiency, Tax Court, correspondence audits, field audits, office audits and more. This video describes the different types of IRS Audit and what to do when faced with dealing with any of them.
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If you've received an IRS Notice CP504 you know it can be pretty scary. I actually got one of these for my own tax problem many years ago. This thing made me call the IRS immediately and immediately enter an IRS Installment Agreement for more than I should have. But when you see an IRS Notice talking about URGENT and Intent to Levy certain assets, it can be pretty unnerving. I can honestly say so from personal experience. In this video, I actually show you a copy of an IRS Notice CP504 and talk about what it means and what you should you do if you get one of these things in the mail.
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Getting an IRS Form CP2000 can be quite a rude awakening. The CP2000 form usually indicates that a taxpayer has taken inappropriate deductions or more commonly, has not reported all of the income that has been reported to the IRS. I this video, Florida Tax Attorney, Darrin T. Mish explains what a CP2000 is and more importantly, what to do if you have received one in the mail. Failure to respond appropriately can have catostrophic results including the issuance of a Notice of Deficiency and a trip to U.S. Tax Court. But…if you know what to do and how to respond a CP2000 is not necessarily indicative of a huge IRS problem.
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Here's a great question from a reader. Unfiled tax returns can be a real problem. Many people don't realize it but the IRS can (and will) file Substitute for Returns (SFRs) for people who don't get around to filing their tax returns. This video covers what to do if you're a non-filer. Watch the video for the question and it's answer…
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