The Real Risk From An IRS Audit
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The Real Risk From An IRS Audit
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About this listen
This podcast, from Thinking Outside The Box Law, Inc., discusses the fear associated with receiving an IRS audit letter and highlights what the author considers the more significant risk. Due to budget cuts, the IRS systems are outdated and many agents are inexperienced, which can lead to audits being conducted by less skilled personnel or getting caught in bureaucratic errors. While inexperienced auditors might overlook some deductions, they are also prone to making mistakes that require appeals and potentially costly legal battles in Tax Court.
Ultimately, the author warns that the true danger lies in being "in the system" and experiencing delays or errors due to internal IRS issues, sometimes with severe consequences like levied bank accounts. The text concludes by emphasizing the importance of professional legal assistance from the initial contact with the IRS to navigate these complexities and avoid expanded audits.