We're offering our clients the opportunity to purchase what we call IRS audit representation assurance. For an extra fee, paid at the time we deliver your tax return, we will agree to represent you in an IRS examination if the return is audited. For example, if you opt for this coverage on your 2019 income tax return, we will not charge you for representation before the IRS if the 2019 income tax return gets audited down the road. All professional fees are included for representation before the IRS, up to, but not including an appeal. Our only requirement is you must contact us immediately (within a week) upon your receiving notification that you are being audited for the year in question, and that you do not contact the IRS directly. Instead, let us make the first contact.
Last year, a client received a letter none of us enjoy finding in the mailbox. You guessed it. Her tax return for 2017 was going to be audited by the IRS. They presented it as a “National Research Project” being performed on a random basis to verify compliance with the tax laws. They can call it whatever they want. The reality is the tax return was examined line by line for all supporting documentation. Now, even though we've substantially discounted our fee (mainly because of our long standing relationship) this has been an expensive venture for our client, who has had to pay for the countless hours organizing data and disseminating information to the revenue agent. The cost of representation before the IRS is significantly more than what it costs to have your tax return prepared. The reason is obvious. To prepare your tax return, we don’t need to see every receipt and document to support a deduction or income item. It takes a lot of time to organize the material to be presented in a manner that will, hopefully, result in a positive outcome.
Although the wealthiest Americans face the greatest risk for an income tax audit, the risks have been increasing steadily across all income levels. We’ve heard it in the news. And we know what’s going on in our economy. We're not going to bore you with a bunch of statistics. Tax audits can tap into a whole lot of money that the IRS feels they are currently missing out on.
Enjoy Peace of Mind with Audit Assurance. The offer is completely optional. It is not a part of our tax preparation fee. Nor is it required in order for us to prepare your tax return. It is a year by year choice that you have, being offered simply, for the reasons stated above: income tax audits are on the rise and we are trying to find a way to provide some semblance of peace of mind in the case of this unfortunate occurrence. If you would like to enroll in this service, simply indicate so on the space provided in our engagement letter. We will be happy to discuss this with you further, just give us a call.
Lisa J Montano, CPA, PA
10723 NW 19th Place Coral Springs, FL 33071
Investment advice offered through Latitude Advisors, LLC - (772) 770-1950
Latitude Advisors, LLC and Lisa J. Montano, CPA PA are not affiliated companies