The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
The Kickass Entrepreneur
Subscribe
The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
  • All Blogs

6 Common Mistakes to Avoid When Facing an IRS Tax Audit

  • December 23, 2021
  • 1.4K views
  • 3 minute read
  • Rene
a man in a suit writing on a document
Share
Tweet
Share

IRS tax audits can be scary. Most people have no experience with being audited, which causes them to panic and make bad decisions. The truth is, if you are honest, follow instructions and stay patient, you can get through an audit.

Above all, don’t make these mistakes.

1. Ignore the Audit

Getting an audit letter in the mail can be terrifying. It usually means that the IRS believes that a mistake has been made or that information does not seem to make sense.

For a taxpayer, that means a scrutinized look at their personal finances. Ignoring an audit, however, means that the only choice the IRS will have is to elevate the inquiry to a criminal investigation.

Deal with the problem now so you can avoid the more significant problem later. You can seek assistance from IRS audit specialists at Key Tax Group in case you have concerns so you can deal with them right away.

2. Get Hostile Towards Your Agent

Audits can be frustrating and it’s common to lose your temper. However, do not insult, badger, or harass your agent.

Anything you do that makes the agent feel as if they cannot work with you will likely cause them to kick your case to another agent or send it to criminal proceedings.

Ideally, you want your agent on your side through this process.

3. Postpone Your IRS Meetings

Postponing meetings can seem like a good way to delay the problem of an audit, but all this really does is frustrate your auditor.

Ideally, you want to do everything you can to keep your agent as happy with you as possible. Do everything you can to keep appointment times and keep the process moving along as quickly as possible.

4. Submit False Information

If you do realize you’ve made a mistake, it can be tempting to try to hide the evidence or not draw attention to the problem.

The reality is that in nearly all cases, the truth is eventually found. If you are honest from the start, or if you can identify the problem as quickly as possible, then it’s much more likely that your agent will be willing to negotiate with you to fix the problem.

Remember, your agent also wants to deal with this case as quickly and efficiently as possible.

5. Be Unwilling to Compromise

IRS penalties can be harsh, even for relatively minor mistakes.

Fortunately, there is a way to negotiate some penalties and bring them down to a more reasonable level. Just realize that if you made a mistake you will have to pay some type of penalty.

The IRS almost never fully forgives a penalty. Digging in your heels or refusing to settle on an amount will most likely just cause your agent to insist that you pay the full amount.

If you’ve never negotiated with the IRS before, don’t be afraid to get some help.

6. Try to Handle the Audit on Your Own

Audits can be complicated. Missing a deadline, failing to file the right form, and a whole host of other issues can delay your case coming to a close and result in you paying higher penalty fees.

Hiring a team of lawyers to help you through the process can save you thousands of dollars in penalties, fees, and extra taxes.

Conclusion

If you are under an IRS audit, it can be tempting to ignore the audit, lie to the auditor, or do just about anything else you can to get the problem to go away.

The truth is, the only way to get the problem to go away is to work through it.

____________________________________________________

Some other articles you might find of interest:

Understand how you can maximize your time to grow your business:

Time Is Money And Your Most Valuable Resource. Use it Wisely to Build Your Business

Looking for effective ways to drive and increase traffic to your startup website?

SEO Traffic Guide To Boost Your Blog Rankings

Looking for effective ways to drive and increase traffic to your startup website?

3 Top Reasons Why Startups Fail and How Not to Become a Victim

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

Related Posts:

  • 5 Common Mistakes Every Entrepreneur Should Avoid
  • 4 Common Contractor Mistakes: How to Avoid Them
  • 8 Common Mistakes Stock Investors Make that You Should Avoid
  • 4 Common Mistakes To Avoid When Filing For Workers' Compensation
  • Five Common Mistakes Parents Make After Buying Their Children Phones and…
  • Common Mistakes in Importing and Exporting
Share
Tweet
Share
Rene

Previous Article
real estate
  • Growing Revenues

How to Find a Reliable Real Estate Agency in Dubai

  • December 23, 2021
  • Meg Rivera
View Post
Next Article
Multi Family Apartments
  • All Blogs
  • Real Estate Investing

How to Create Massive Wealth Investing in Multi-Family Apartments

  • December 23, 2021
  • Jeff Wiener
View Post
You May Also Like
crashed car
View Post
  • All Blogs

A Comprehensive Guide For HR Professionals Navigating Car Accidents In Company Vehicles

  • September 28, 2023
  • Frances
man touching a woman's shoulder
View Post
  • All Blogs

Addressing Emotional Distress from Sexual Harassment in San Diego: A Legal Perspective

  • September 20, 2023
  • Meg Rivera
writing
View Post
  • All Blogs

8 Essential Steps for Impeccable Essay Proofreading and Editing

  • September 20, 2023
  • Meg Rivera
Net worth by age percentile calculator for Canada
View Post
  • All Blogs
  • Financial and Investment Calculators and Economic Data

Net Worth By Age Percentile Calculator for Canada with 2023 Data

  • September 9, 2023
  • Jeff Wiener
waste disposal
View Post
  • All Blogs

Dumpster Diving: A Guide to Efficient Waste Disposal

  • September 6, 2023
  • Meg Rivera
form 1040-x
View Post
  • All Blogs
  • Business

Mastering Form 1040-X: Your Guide to Amended Returns

  • September 3, 2023
  • Jeff Wiener
ohio tax rate
View Post
  • All Blogs
  • Business

Navigating Ohio’s Tax Rates: A Comprehensive Overview

  • September 3, 2023
  • Jeff Wiener
Safe workplace yellow out of service tag placing on RCD residual
View Post
  • All Blogs

Managing Workplace Accidents in San Diego

  • August 29, 2023
  • Meg Rivera

Join 6,472 Entrepreneurs That Get My Business Building and Wealth Creation Posts by Email

I can teach you how to build a successful, profitable business, and turn that into millions in personal wealth.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

We won’t send you spam. Unsubscribe at any time.

Recent Posts
  • blogging 1
    Best Blogging Tools For Beginners In 2023
    • September 28, 2023
  • online gambling 2
    The Future of Online Gambling: VR Casinos and Augmented Betting Experiences
    • September 28, 2023
  • Artificial intelligence (AI), machine learning and modern computer technologies concepts. Business, Technology, Internet and network concept. 3
    Searching For A Job With AI: 10 Services To Land The Dream Job
    • September 28, 2023
  • ROI, Return on investment, Business and financial concept 4
    Why Investing In An ISA Could Be Good News For Your Business
    • September 28, 2023
  • 5
    Want To Start A New Business? Here Are 6 Growing Industries That You May Not Have Considered
    • September 28, 2023
Featured Posts
  • Become a Decamillionaire
    How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club
  • how to become wealthy
    The Entrepreneur’s Secret to How to Become Wealthy and Build a Personal Fortune
  • Most Profitable Small Businesses
    27 of the Most Profitable Small Businesses to Open in 2023
Categories
  • All Blogs (1,078)
  • Business (416)
  • Canadian Financial Products (4)
  • Create Wealth (Investing) (134)
  • Entrepreneur Interviews (27)
  • Featured Post for Main Menu (4)
  • Featured Top Posts (23)
  • Finance (115)
  • Financial and Investment Calculators and Economic Data (120)
  • Fitness (10)
  • Growing Profits (72)
  • Growing Revenues (115)
  • Growing Revenues (71)
  • Marketing (161)
  • Millionaire and Business owner interviews (3)
  • Positive State of Mind (69)
  • Real Estate Investing (17)
  • Retirement (13)
  • Reviews (13)
  • Sales (16)
  • Sell Me This Pen (8)
  • Selling your Business (13)
  • Starting a Business (1)
  • Startup Ideas (18)
  • Technology (198)
  • Top Products (4)
  • Uncategorized (62)
Follow us
Author
Jeff Wiener
Jeff sold his company to private equity in 2017 and is now semi-retired. Jeff spends time…

    CHECK OUT MY BLOG, AND SUBSCRIBE

    about
    The Kickass Entrepreneur

    Expand Your Business, Improve Profits, Create Wealth

    Expand your business, improve your profits, and create wealth. Each one of the three can be elusive goals. Follow the right steps, and you, too, can create financial independence. It is possible … you just have to take the right steps.
    NAVIGATION
    • About
    • Blog
      • All Blogs
      • Create Wealth (Investing)
      • Entrepreneur Interviews
      • Featured Top Posts
      • Growing Profits
      • Growing Revenues
      • Marketing
      • Positive State of Mind
      • Real Estate Investing
      • Retirement
      • Sales
      • Selling your Business
    • Book
    • Courses
    • Podcast
    • Resources
    • Contact
    TAGS
    apartment BATNA Business business failure business growth business sale Capitalization Rate CAP Rate cash cash flow Creating Wealth Discipline entrepreneur entrepreneurship excel extra cash Featured goal setting Growing Business investing investment real estate M&A marketing Marketing KPIs Mergers and Acquisitions | M&A | Entrepreneur Blog Millionaire millionaire next door mistakes MUR Peter Principle Profit profitability real estate retirement revenue Revenues sales sales management Semi-Retirement Blog | Entrepreneur Blog | Small Business Blog small business Stagnant stocks success Thomas Stanley wealth
    RECENT ARTICLES
    • horse jockey
      Top 5 Most Successful Horse Racing Jockeys Ever
      • September 8, 2023
    • man and papers
      Active vs. Passive Investing: Which Is Right for You?
      • August 8, 2023
    • seoul
      How Seoul Internships Shape Your Professional Journey
      • July 24, 2023
    • casino
      Empower Yourself With These 5 Lifelong Skills For Success In Casino Business
      • June 23, 2023
    • Real Estate Brokerage
      Factors That Affect Real Estate Commission Rates
      • June 21, 2023
    • Digital online marketing commerce sale concept. Woman using tablet payments online shopping and icon customer network connection on hologram virtual screen, m-banking and omni channel.
      A Savvy Shopper’s Guide to Purchasing Power Tools Online
      • May 23, 2023
    The Kickass Entrepreneur
    • Coaching
    • Book
    • Blog
    • Contact
    • Privacy Policy
    • Terms
    • Disclaimer
    • Facebook
    • LinkedIn

    Input your search keywords and press Enter.