IRS Audit? What Now?
IRS Audits come in many shapes and sizes.
Many audits are "correspondence" audits, but some are "field" audits, which are more involved and require greater attention.
For 1040 filers, the most commonly audited returns are the returns of sole proprietors that report their business-related deductions on a Schedule C.
And, the most common focus of an audit is to look into the legitimacy of a business owner's Schedule C deductions.
The IRS will want to see documentation (receipts, statements, and bookkeeping records) substantiating that these deductions were truly incurred for legitimate business-related purposes.
If you want to learn more about the audit process, or need representation in an IRS audit, give us a call today at (201) 529-8024 and ask to set up a free consultation with Manny Zoquier and John Fazzio.