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April 18 he knew the day it's common it's gone.
You may not be able to relax not just yet there is always always and it goes on for years the possibility of being audited.
Almost one and a half million folks receive the tax audit last year so do you know what to do with the IRS knocks at your door.
Here to help its rich cop -- managing director for wealth health management.
Rich welcome back the show bank entered our rights and this is a scary prospect that prospect one and 100 folks get audited.
What trips what's the big -- -- everybody's wondering am I gonna be the next person I just filed my taxes.
And could you know we worry even though you know we do everything right well.
-- -- quick execution where it is it is true about 1% of people get audited I think the most important thing to do.
Is recognize that terrorists -- to work with you don't panic everyone says that it's easier said Gary Darnell work but let me really rich really I've worked with a number of clients and I think that the big issue is just responding to notice in a timely manner.
Showing that you're willing to work with them.
And making sure you have a lot of documentation in order to support whatever is they're looking for don't offer more than what they're looking for and that's the key point though you don't -- -- open can of worms -- so.
I usually get a letter right -- -- isn't usually your alerts yes respond pronto right absolutely even if you don't have the answers to the questions at least here.
Documented that on their files that you respond in -- timely manner.
Make sure you take down the person's name that you spoken to or their ID number and talk them about what is it that they need so you can get back to them in a timely manner with whatever it is that they're looking for.
In our reality here is that sometimes the IRS makes a mistake to you might have -- -- right and if you can prove that.
Its -- right absolutely and you know why I've had situations where not only.
Have you done it right but sometimes the IRS has done it right oftentimes you get 1090 nine's.
After the fact that you've filed your return and the quote -- 1090 -- were still getting them for our clients today.
What happens is the IRS we calculates and they show you what would amount might be due.
Are you done.
So if this does happen these moments respond right away you wanna be out for you wanna be honest -- somebody who's working with the IRS that's the message you want -- said absolutely and get -- -- to help you I was in -- get help if you've prepared to return yourself find out during that.
Initial discussion with the IRS what it is that they're looking for if you think it's beyond your means higher tax attorney current account and if -- use software like Turbotax or some offerings now amongst.
Those service providers that for an additional fee -- -- represented.
But get help if you need it you don't want -- trip yourself up it's good to have a professional how far back and they -- that's one of my questions because.
You -- letters from the IRS years years after you file -- it's true there's a lot of different reasons of how far they can go back but generally three years is how far back they can go to -- you.
Unless there's in this statement of income I believe it's in six years.
So it is a long time -- -- -- -- documents not hating -- them.
And and tell me.
How what's the right way they approach -- because some cancers try to tell you that there are the IRS and are not right I mean we've seen this in a lot of ways and I would talked about this before him with banks right -- you about loans and things like that.
Email it never happens via email so did you hear that email from the -- -- does not -- -- -- -- they don't do that.
It's typically by letter.
You know you might have a -- by letter is I would say nine times out of ten if you get an email I would not responded put no personal information informed of the email.
You can even send that type of fishing Turkey not to.
Fishing IRS dot gov to allow them to be aware of what types of emails -- out -- fishing for information.
All right so respond respond quickly and and don't be in their answer I'd never be embarrassed in the in the worst case scenario is you have to.
We calculate may be a little bit more -- liability sometimes believe -- or not.
You might get a credit back oh I loved that RA bridge there's good news Americans -- you're --
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