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What should you know about IRS audits?

Floridian residents like you pay taxes every year. Not only do you pay for sales and state taxes, but you also pay federal and estate taxes, in some cases. However, in the course of paying for these taxes, you might run into something called an IRS audit.

What is an audit, exactly? It’s described in detail on the website of the IRS. They describe audits as an examination or review of your financial information to ensure that it’s all accurate. They not only check that the information is correct, but they can also determine if you’ve reported the right amount, and if you’ve followed the tax laws in your state accurately.

You can be selected for an audit for a number of different reasons. For example, if some of your information is incorrect, or if you’re reporting taxes that seem disproportionate in some way. In many cases, if there is a mistake with your taxes, it is usually an accidental one.

In other cases, it may be suspected that you have intentionally reported your taxes incorrectly. This can lead to some legal issues, so it’s best to tackle these accusations as soon as they appear. This will help you avoid costly legal issues or court dates.

If you have been selected for an IRS audit, it could benefit you to learn as much as possible about the process. That way, you can contact an attorney if you feel like you need legal backing regarding your current standing with the IRS.

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