IRS Audit

If you have any questions about avoiding an IRS audit or getting help if you’re about to have one, call a leading CPA firm in NYC Miller & Company with offices in NYC and Queens, NY.

When you receive a letter from the Internal Revenue Service telling you that they’re going to audit your business or personal tax returns, it can send a shiver of dread down your spine. The purpose of an IRS audit is to examine your returns for errors or omissions. The IRS can be relentless when pursuing taxes owed, which is why so many people fear the process.

Miller & Company, a leading tax accounting firm, offers many services to prevent an IRS audit and assist you in the event of one. Miller & Company LLP, NY Certified Public Accountants, a best rated NYC CPA firm.

In some cases, an IRS audit determines whether you’ve purposefully or inadvertently committed any tax fraud. Most cases find nothing erroneous, but because of their methodical processes, the IRS will find any problems and mistakes you made when filing your return. Rely on an experienced tax accounting firm in NYC like Miller & Company to:

• Prepare and file your taxes
• Perform a voluntary small business tax audit before the IRS even sees your return
• Provide tax representation in the event of an audit
• Help you with tax resolution services to resolve your tax disputes
• Stop a tax levy, wage garnishment or property seizure
• Negotiate a payment plan or an Offer in Compromise

THE IRS SELECTION PROCESS

The IRS uses several different techniques to determine whether to audit your return:

1. Third-party documentation, which verifies the information you’ve provided on such forms as your W-2s or 1099s. The IRS compares and matches the figures you reported with the ones submitted by your employer and other sources. If the numbers don’t match, your return may face further scrutiny.
2. The Discriminant Index Function (DIF) system, which detects and analyzes anything odd or not in agreement on your return. If your return receives a high DIF score — meaning a large amount of discrepancies are found — your return could be chosen for further examination.
3. The Unreported Income Discriminant Index Function (UIDIF) system, which uses a series of calculations to determine whether your return has a high probability of unreported income. Returns with a high UIDIF score, in addition to a high DIF score, have a strong likelihood of being selected for further review.
4. Random selection, which means that the IRS chooses a certain portion of tax returns to audit totally at random. Random IRS audits tend to be the most time-consuming and extensive of the reviews. Random selection has generated a lot of controversy over the years — it was even stopped during the early 2000s — because they were perceived as being intrusive and punitive in nature.

Because the IRS can audit almost any tax return in any given year, it’s best to have your tax return processed by a professional. This reduces the likelihood that you have to face the stress and worry of IRS audit. In fact, most tax professionals advise that you never speak to the IRS by yourself. They know the tax laws better than you could. When you hire expert tax accountants like those best NYC accountant at Miller & Company, they handle everything for you.

Read more at https://www.cpafirmnyc.com/irs-audit

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CONTACT US

Miller & Company LLP

Manhattan, NYC
18 East 48th Street, #1001
New York, NY 10017
(646) 367-3726

Queens, NYC
141-07 20th Ave, Suite 101,
Whitestone, NY 11357
718-767-0737

Miller & Company LLP: CPA of NYC
Midtown Manhattan, NY
274 Madison Ave, Suite 402,
New York, NY 10016
(646)-865-1444

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