For many taxpayers, the words “tax audit” can produce feelings of panic. If you receive an audit notice from the IRS, hiring a tax professional to represent you may be an appropriate strategy. However, should you choose to handle an audit yourself, the Taxpayer Bill of Rights (included in the Technical and Miscellaneous Revenue Act of 1988) allows you to record your meetings with an auditor, if prior approval has been obtained from the IRS, and to adjourn a meeting with an auditor at any time to either consult with your tax professional or to request professional representation.
The best way to be prepared for the possibility of a tax audit is to keep well-organized records of your prior years’ returns along with complete, supporting documentation. Further, you may want to learn as much about your tax return as possible. If the IRS should request more information about your tax return, knowing your options can help reduce your anxiety level.