Thursday, April 15

Life Style

Life Style

IRS Examination Process

The IRS examination process is the method by which the IRS examines tax returns. Examinations may be directed at individuals, businesses, partnerships, trusts, estates and any other person subject to US taxation. The IRS scientifically determines which taxpayers to examine by using a variety of time-tested methods aimed at maximizing the collection potential available and minimizing the time necessary to perform such examinations. Certain examinations are chosen randomly, but for the most part, the IRS is specifically targeting certain taxpayers based on information gathered from others. The IRS examination process generally begins with the identification of probable reporting errors. Most IRS examinations involve correspondence audits; one in which a letter of proposed adjustme...