Video: IRS Audit Inquiry Letter
Learn What to Expect from an IRS Audit Inquiry Letter!
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Video Transcript: How Is an Audit Inquiry Letter Handled by the Auditor?
Hi, I’m Chun Wong, a CPA and partner at Safe Harbor, LLP, a tax and audit firm based in San Francisco, California. Today’s topic is how to handle an audit inquiry letter by an auditor or CPA. IRS audit letters have been on the increase dramatically over the past few years. Receiving such a letter is not a reason for panic. Often times these letters can be handled with a simple response back to the requesting authority. Here at Safe Harbor we have a five step program for this process. Our first step is we always have the client read the letter slowly and carefully. The language can often be long and seem impersonal but within that long letter the IRS may simply want an additional 1099 interest from your bank. Our second piece of advice in our program is to consult your tax adviser when you receive such a notice. Third, do your own research because you or your tax professional know your return the best. Fourth, write out a well reasoned letter explaining and providing the information that’s requested by the IRS. Finally, follow up and get a closing letter to ensure that everything has gone through and your account is cleared. If you have a good tax adviser, have good records, are prompt in responding, oftentimes these letters can be handled very quickly and with very good results.
Video Target: Anyone Receving IRS Inquiries
This video explains what to expect when receiving an IRS inquiry. Safe Harbor LLP helps with IRS tax audits, especially for people in the San Francisco Bay Area.