IRS Audit Reconsideration: A Guide to Getting Your Application Right
If you get audited by IRS what happens is that you may agree with or dispute the outcome of the IRS audit process. You're allowed to seek audit reconsideration when disagreeing with the taxes the IRS asserts you owe. Your audit with the IRS is reviewed when your application is successful. While you consult an expert for assistance looking into the possibility of IRS audit reconsideration, here's information to help you get your application right:
Circumstances Under Which the IRS May Abate an Assessment
The IRS is authorized to withdraw all or part of its assessment if certain conditions are found to be true after your audit has been revisited. For instance, when the amount that an assessment says you owe is in excess of the correct tax liability, correction is inevitable. Another condition is when the assessment is completed past the expiration of the limitation period that applies. In case of a mistake or illegality in the audit, you may be granted reprieve too. Check out this website at https://www.britannica.com/topic/auditing-accounting and know more about auditing.
However, you may expect no IRS audit reconsideration after you've already committed to deal to pay the amount owed, for instance a closing agreement or offer in compromise. Also, no tax audit reconsideration may be forthcoming when the U.S. Tax Court or another court has declared a final ruling regarding your tax liability.
Prerequisites for Sending an IRS Audit Reconsideration Application
There are requirements that a tax payer should satisfy prior to submitting a request to have their IRS assessment reconsidered. Firstly, you need to file returns for the tax year in question. Additionally, submit a copy of the assessment report if you have it. It's also significant to set forth the alterations meant for revisiting. Always provide a detailed memorandum specifying the pertinent facts and applicable laws.
While you're at it, appreciate that audit letter reconsideration is not a matter of the tax payer's legal right, but a request is honored totally at the IRS's discretion. In the request, you must explain your position with arguments supported by the law and provide supporting facts. The outcome of an audit reconsideration request may not be favorable when you're not including sufficient evidence to back your position. Typically, the IRS delays collection processes once an audit reconsideration application has been received, although the law does require it to do so.
Submit an application for the review of your IRS audit after you've exhausted your other options, including filing a petition. Your entire audit reconsideration filing must be prepared and presented in the exact style as an Appeals notebook.
So, get professional help with the filing of an irs audit process reconsideration request to stand a better chance.