The auditing process is usually a common exercise for verification of the tax returns, however, it can still make you nervous and anxious whenever the Internal Revenue Authority issues a letter for an auditing process. Well, generally receiving a letter from them does not necessarily mean you are in trouble but you still to prepare yourself psychologically and physically for their visit and ensure you have an answer to any issue in your report that may seem to raise an eyebrow. For the procedure to be stressful and fast, there are a number of essential guidelines you need to follow carefully.
Well, to begin with, you need to schedule a date to the audit procedure even though you will be given a couple weeks as a time period to pick a date from. However, if you feel like you won’t have the ability to repair an appointment with that time frame, it is still possible to contact the earnings authority via the auditor mentioned on the correspondence delivered to you personally and provide your reasons. The reasons must be credible, supported by facts and a little bit of persuasion as you may not wish to brush shoulders with the state organization. Nonetheless, if you have your documents ready, well organized and in place, there is no need to delay the process, schedule an appointment early enough and get done with the whole process as soon as possible. The sooner the better so as give you time to concentrate on your work.
The trick to a smooth auditing process is by getting your reports well-kept when you will be filling out your yearly taxes. The reports should be stored in a file organized on an annual basis for easy retrieving and referencing. The files should include data on three important areas; investment, payroll and deductions. There are also professional agencies who may be willing to help out through the auditing process in case you seem in doubt about how to derive some information from the various reports that you have.
Besides that, you should also Know about your own rights Even though the earnings authority is in control. The taxpayer bill of rights is clearly posted on their sites for the general public to learn about their statements when being audited. For instance, you have the right to appeal the decision made by the revenue authority in an independent forum or you can as well take the appeal to the court and address your concerns. Consequently, you also have the right to be told what to do and the role to play in order to comply with the tax code.
In summary, the taxation auditing process may seem complicated if you are not sure about the way to derive some information and hence it is always advisable to seek professional help whenever you need it.