Myths About IRS Tax Audits and IRS Compromises
Monday, June 30th, 2008Myth No. 1 – The IRS knows everything about you AND whatever they don’t know you are required to reveal to them.
When you are notified of a tax audit the IRS will generally request you bring or provide certain documents that pertain to the audit.
You should bring only the documentation requested and nothing more—unless you are certain that it will assist you in presenting your side of the financial story. If the IRS audit notice asks for something you cannot produce, simply try to find other favorable documentation and provide it instead. But be prepared to explain why you could not bring the requested documentation.