Here are four steps to take:
Gather Evidence - If the IRS needs to see documentation to prove your return, set aside time to find it. Now is the time to gather all those receipts, invoices, and contracts that prove you did what you said on your return.
Get Help - Audits can get complicated, and they're easier with the support of your accountant or an audit protection service. If you used someone to help prepare your return, get back in touch with them and ask for assistance. Good audit support dramatically decreases your workload and stress levels.
Pay Assessed Fees on Time - If the IRS determines you owe them additional money based on the audits, pay the money by the deadline to avoid additional penalties or other consequences. If you need more time to pay the bill, contact the IRS and work out a payment plan.
One of the best protections being assessed penalty fees when you're audited is keeping perfect financial records. Outsourcing these tasks to an experienced financial services company dramatically reduces your risk of errors. Contact us for help with your books throughout the year.