Get Ready for Your COVID-19 IRS Audit

Get Ready for Your COVID-19 IRS Audit

EMPLOYEE RETENTION CREDIT

PAYROLL PROTECTION LOANS

ECONOMIC INJURY DISASTER LOANS

The time to get ready for an IRS Audit is BEFORE the IRS begins the audit procedure.

Just like in the castles of old, you wanted your castle ready before the enemy army appeared outside the castle walls. In the modern world you want your accounting and tax filing in order before you get an IRS Letter.

If your moat was full of water, your drawbridge up, your soldiers well-armed and trained, and siege supplies in storage, you had little to fear.

But what happened if the enemy army arrived and your drawbridge was down, you couldn’t raise it, your moat was dry, and your soldiers were out of arrows?? What then?

It would be a much more difficult task to defend your castle!

This same principle applies with the IRS. If your accounting is solid and your tax preparation perfect, there is little to worry about.

Ah…. But what if it is not? What if you had some scoundrel apply for the ERC for you and you are doubtful that you really qualified? Maybe you erred on your Payroll Protection Program and Economic Injury Disaster Loan accounting?

Or do you not have the accounting to back up some of the deductions you took?

Look. If you are worried about an IRS audit, it would be prudent to sort out why and make sure your defenses are in order.

This is especially true since Covid-19. The IRS has FIVE YEARS  to audit your under the CARES Act. Congress added TWO ADDITIONAL YEARS  to give the IRS more time to go back and review your returns and audit you.  At the same time, they authorized 80,000 additional IRS Employees. Connect the dots. There are going to be a lot of audits coming off CARES Act programs!

Many, many taxpayers are overwhelmed by tax nomenclature and confused about what to do. Sometimes they may have hired tax preparers who were neither EAs, CPAs, or Tax Attorneys, and sometimes these are equally confused.

As a result, sometimes taxpayers are terrified of a possible audit when there is no risk!

Sometimes they are clueless that they are in trouble until they receive an IRS letter, or worse, their bank account disappears!

If you are worried about an IRS Audit, call Torchlight Tax for a free consultation. We can get your books and taxes in order and do a realistic risk assessment. If an audit does occur, we are veterans of many successful audit battles.

We are not going to have you prostrate yourself before the IRS or commit hari-kari!

We also offer a comprehensive service that handles any weaknesses in your bookkeeping-payroll-business tax filings-audit defense without doing unnecessary work. Moreover, we can do this in a way that can in most cases help you increase your income and lower your tax rate legally.

Contact Torchlight Tax for a free consultation.  You can call us at 1-877-758-7797 or email us at freeconsultation@torchlighttax.com.

Request Free Consultation Now!

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