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What is Audit Protection?
Audit protection shields you from the hazards and stress of dealing with the IRS (or a state tax agency) by yourself.
Let's be clear: audit protection isn't the same as audit immunity; it's the subtle comfort that comes with knowing that if things go south, you'll have a team of battle-tested tax experts by your side.
Audit protection makes sure that auditors are held accountable for their actions, and that if a balance is due as a result of the audit, you owe no more than you legally owe. Our defenders protect your finances by ensuring that any tax owed is as little as possible, and that any fines are waived when appropriate. While we can not ensure that you will owe no taxes at the end of your audit, we will strive to get the lowest amount owed based on your facts and evidence.
Tax Alliance will be at your side, assisting you in exploring every opportunity in order to get the best possible audit outcome. Proposed audit modifications will be double-checked for factual and mathematical accuracy, as well as legal accuracy. Inspectors trust documentation that is presented in an organized and professional manner, so we'll help you organize your paperwork so that the auditor does not have to think too hard about them. Instead of requiring you to submit an amended return after the audit is completed to repair the reporting mistake, a lot of IRS auditors may offer you credit for misclassified costs or deductions during the audit. It's hard to know when and how to inquire.
Thankfully for our clients, understanding how to do things the "right way" is something we take pride in at Tax Alliance on a daily basis. Planning, organizing, and producing results are three important factors in how audit protection benefits you.
Below are a few aspects that might be included with some audit protection services:
Important Things to Remember
Prepaid audit protection is different from audit representation, which involves hiring a professional to represent you as soon as the IRS has notified you that you're being audited. Generally, you can't receive audit protection after you find out you're being audited-- you have to receive the protection before you submit your return.
Audit protection services may come with an expiry date. As an example, a service may agree to cover your return for as many as three years from the day the IRS approves a return for a given income tax year since the IRS usually can include returns that have been submitted within a three-year period in an audit-- although the IRS could extend that period to six or more years if it discovers any considerable mistakes.
What Are the Chances of an Audit?
You can think of audit protection as insurance for your income tax return. For example, a car insurance policy can protect you in case you're ever in an accident. You pay for car insurance coverage based on the possibility you may need it at some point. However while the chances of somebody being killed in a car accident are 1 in 106 (according to 2018 National Safety Council information), your odds of being audited are a lot less. As a matter of fact, out of all the returns filed in 2017 and reviewed throughout the 2018 fiscal year, the IRS audited only 0.5% of the 196 million income tax returns it received. That means in 2018, the chances of being audited for all taxpayers were 1 in 200.
However greater percentages of particular groups of people were audited in Fiscal Year 2018. The IRS audited 6.66% of all returns submitted in 2017 that had changed gross earnings of $10 million or more-- a group that represents only 0.01% of all returns submitted that year. Meanwhile, the service also audited 0.69% of returns with AGI of $1 to $24,999. That group represents 35.59% of all returns filed.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked! We help our clients nationwide!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
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