What Happens If You Ignore an IRS Audit? 132

 in Tax Guide  tagged audit / IRS by (updated 579 days ago)

What happens if you ignore an IRS audit? They Continue Without You

What Happens If You Ignore An IRS Audit? You Could Get A Large Balance!

When you ignore an IRS audit, the IRS continues the audit process without you. It’s likely they will add additional tax, penalties and interest to the balance they come up with. Usually, how it works is they are taking data that was reported to them and using that without the appropriate write-offs to come up with a balance.

For example, if you trade stocks, they will come out with a balance based on the sales and not using any cost basis.

Another example would be if you are self-employed and got 1099. They will come up with a balance using the full 1099 amount as income, not counting any expenses.

This often results in a large balance.

If you continue to do nothing you most likely will end up losing your right to fight the case in US Tax Court. Then eventually, the IRS will proceed on collections.

If you are facing an audit or haven’t responded to one and need help, schedule a consultation with one of our expert tax attorneys by clicking here or calling us at (888) 515-4829.

For immediate help call (888) 515-4829 and we’ll assist you. You can also fill out the form below.

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