If there is one word that strikes fear in the hearts of every taxpayer, that word is “audit.” Most people don’t truly understand what an audit actually entails, why they would be the victim of an audit, and what to do in case they find themselves on the wrong side (implying that there is a right side) of an IRS audit. An IRS audit is an examination of an organization's or individual's accounts and financial information to ensure that information is reported correctly according to tax laws and to verify the reported amount of tax is correct. Many people have the...
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