IRS revenue officers have broad powers, expecially in the context of an audit. Many business professionals and individuals believe IRS agents must be experts in both accounting and tax law. In many cases, they are not expert in either discipline. This may sound shocking, but the quality of the IRS revenue officer varies from audit to audit, and this has a lot to do with the outcome of your audit, and the challenges you may face along the way.
We’ve witnessed situations where the IRS revenue agent levied bank accounts with hundreds of thousands of dollars in them, without just cause. (That revenue officer was subsequently replaced by the IRS). Auditors are not perfect, and they are not degreed experts in accounting. In most audits we become involved in “theoretical” discussions and must explain the fundamental elements of accrual accounting to answer the revenue officers question of “why did the taxpayer do it that way?”
IRS Revenue officers have the power to seize your assets, freeze or levy (seize) your bank accounts and put liens against your business, corporate assets and even your home. They must be managed effectively. Audits are serious business, and if you have received a letter of notification from the IRS of an impending audit, your first call should be to 866-631-3470 for a free consultation.
Protect yourself. Understand the protections we can provide under the “attorney-client privilege” that are not available through a CPA or tax specialist. Learn more about the audit process you will go through, and the strategies to avoid the broad powers of an IRS revenue agent, while achieving a positive outcome in your audit.