Being audited? Don’t panic

| Jul 10, 2020 | Tax Audits

Being the subject of a tax audit can be an unnerving experience. Panic is the overall feeling people have when they find out they are being audited. However, Connecticut residents can help themselves by remaining calm and seeking assistance to handle the matter as swiftly as possible.

Why shouldn’t people panic about tax audits? First and foremost, they are not all that common. It is believed that less than 1% of taxpayers end up being audited each year. The Internal Revenue Service simply lacks the resources to perform more audits than that, and that isn’t changing any time soon.

Second, most audits take place via mail. When people think of being audited, they may imagine being in a room with an IRS agent, having every aspect of their tax returns picked apart. The truth is, few people meet in person with IRS agents when being audited, and the agent is likely zeroed in on one specific error rather than one’s entire tax return.

Third, audit results are not always negative. Being audited does not mean one will end up owing the government even more money. Some people end up walking away, having nothing changed, and some may end up getting refunds. Every case is different.

When being audited, Connecticut residents do not have to go through the process alone. They have the right to retain legal counsel who will be able to assist them in seeking the best outcome possible. One’s attorney will also be able to offer guidance on how to prevent being subjected to audits in the future.

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