Scott Gottlieb, CPA


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NEWS BYTES
February 2000

Editor: Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA

A Quick Comment on Audits

Many, make that most of my clients feel that a visit to the dentist is considered a treat as compared to being audited by the IRS.

Most people will never get audited in their lives. According to the latest statistics the government published - about 1.28% of the individual returns filed for calendar year 1996 were audited. To avoid an audit happening to you, you can review your return before you file it and see what stands out,

One thing clients sometimes feel is that they should not take legitimate deductions just because it'll stand out on their returns. I recommend they take the deduction and be sure to keep supporting documentation with a copy of the tax return. Of course, if the deduction stands out, you may receive an inquiry from the IRS. That's why it's important to hold on to receipts to prove you really incurred the expense. If you have a single large deduction on your return for which you have a receipt or other documentation giving evidence of the expense, consider attaching a copy to your return.

Consider engaging the services of a tax professional if your return includes complicated issues or risky deductions. You have the power to authorize an attorney, a CPA, or an enrolled agent to represent you at an examination and you don't have to be there. If you are looking at penalties and taxes adding up to a large amount, it's probably a good idea to get a professional involved early on.

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The materials on this Web site are for informational purposes only and are not intended and should not be construed as accounting advice. This information is not intended to create, and receipt of it does not constitute, a CPA-Client relationship. You should not act upon this information without seeking counsel from a Certified Public Accountant