Hit with a Tax Audit? We Can Help

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tax audit

What to do if you get hit with a Tax Audit?

No one ever wants to hear from the Internal Revenue Service. Especially unwelcome is a call regarding a tax audit. But the truth is audits actually occur more regularly than many taxpayers realize. Audits can assuredly generate apprehension for the person being audited. Audits occur when a questionable return has been filed. The best response to an audit is to consult with an experienced law firm in Chicagoland, Illinois. At Anthony J. Madonia & Associates we can provide information and possible representation during all stages of the audit. While the IRS has cut back significantly on audits during the past decade, that could very well be about to change, and here is why.

2020 Budget Increases

There is no true method of calculating how much gap exists between how much tax debt is owed to the government and how much they actually collect. The IRS has not updated infrastructure systems for several years. The new budget increase for 2020 is directed at exactly that. This should give the tax agency more ability to identify problematic returns. This will lead to closer inspections and ultimately audits.

Tax Audit for Businesses

While individuals may not necessarily have complicated tax issues, businesses often do. Many business operations could see an uptick in the number being audited. Just because an audit is being performed does not mean there is an apparent problem, as some audits are random and routine. However, when problems are found in a tax return, your attorney from Anthony J. Madonia & Associates can evaluate your filings on your behalf and craft a case counter to any problems the IRS may present. All problematic audit cases are typically settled in negotiation between the audit target and the agency when effective and aggressive legal counsel is retained in proving claims included in any tax filing.

Anyone who is being audited by the IRS in Illinois should contact Anthony J. Madonia & Associates, a tax law firm in Chicagoland for a consultation regarding their upcoming audit. Some information is provided when taxpayers are notified of the audit, and your attorney from Anthony J. Madonia & Associates can begin a strategy to address the audit before it happens.