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Tax audits don't have to mean large financial setbacks

When the IRS comes knocking and asking questions about your income and the returns you filed, you probably experience a myriad of emotions ranging from shock to anxiety and everything in between just like other Massachusetts residents in your position. One of your primary concerns could be that you will owe so much more in taxes that you will not recover financially. However, that does not have to be the case. Tax audits do not have to result in financial setbacks.

Even though you may feel as though the IRS is treating you like a criminal, the agency does understand that mistakes happen. If you are forthright and honest, you may not suffer serious consequences. The penalties assessment may not be quite as harsh as at first anticipated.

You may have good reason why your taxes were incorrect. If you can provide the agency with the appropriate evidence, it may be possible to reach a settlement that satisfies both sides. Even though no one likes to pay more in taxes than they absolutely have to, it does not mean you "cheated" in order to do so. In some cases, it may be possible to go to the U.S. Tax Court instead of dealing directly with the IRS, which could provide you with a better outcome.

The reach of the IRS is not without limits. Even though the agency performs tax audits, revises tax bills and assesses penalties on taxpayers, it does not always have the final say. You have rights, and you should not hesitate to exercise them in your dealings with the taxing authority. The legal resources available to you here in Massachusetts could help you find a resolution to the situation that does not irreparably damage your financial future.

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