IRS audits are no laughing matter

There was a television commercial years ago that featured a man having a particularly bad day. At the end of it all, when he returns home, his young son comes up to him and tells him that he has a phone call, following up with, "What does it mean, 'I-R-S?'" The commercial played upon the widespread notion that an inquiry from the Internal Revenue Service is something to send chills down the spine, but most people in any given tax year will never experience an actual tax audit. If you do receive a communication from the IRS, though, you can be excused for not perceiving it as a subject for humor.

Especially if you own or operate a business, your taxes can be quite complex to manage. If the IRS comes calling with questions, it is not necessarily a catastrophic event in the making. But it is something that you should take very seriously.

There are many questions for you to consider before your meeting with an IRS representative. What information should you have available? How detailed should your answers to questions be? What are your rights during an audit? Should you have legal counsel at your side during questioning? Then there are the questions that you may not even consider asking -- unless you have experience dealing with the IRS in general, and audits in particular, you can find yourself in the unenviable situation of "not knowing what you don't know."

What we at Bell Law can tell you up front is that being unprepared for an IRS audit is not the situation you want to find yourself in when it happens. Fortunately, we have considerable experience advising our clients in the Chicago area to deal with IRS matters, helping them to minimize their risk of an audit as well as to assist them through the process when one takes place. You have enough to be concerned about in keeping your business going; chances are, you do not have the time to learn the intricacies of federal and state tax laws and IRS procedures. We can, and do, help business people like you when the IRS starts asking questions.

To learn more about how we can assist your business in an audit, call us at 773-696-5087 locally or toll free at 888-574-7062. Or, if you prefer, you can contact us online

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