It depends. Although most taxpayers will receive their refunds long before the IRS begins choosing returns for audit, the IRS may hold your refund if further verification is needed for your return until the audit is completed.
An IRS audit is a review/examination of an organization's or individual's accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. Keep in mind, selection for an audit does not always suggest there’s a problem.
If you received a letter, it will request additional information about certain items shown on the tax return such as income, expenses, and itemized deductions. You would want to respond to the request in a timely matter. The length of time it takes to complete an audit varies depending on the type of audit; the complexity of the issues; the availability of information requested; the availability of both parties for scheduling meetings; and your agreement or disagreement with the findings.
*For general audit information see the IRS website IRS Audits
*For specific questions concerning your situation please contact the phone number listed on the IRS notice you received.
It depends. Although most taxpayers will receive their refunds long before the IRS begins choosing returns for audit, the IRS may hold your refund if further verification is needed for your return until the audit is completed.
An IRS audit is a review/examination of an organization's or individual's accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. Keep in mind, selection for an audit does not always suggest there’s a problem.
If you received a letter, it will request additional information about certain items shown on the tax return such as income, expenses, and itemized deductions. You would want to respond to the request in a timely matter. The length of time it takes to complete an audit varies depending on the type of audit; the complexity of the issues; the availability of information requested; the availability of both parties for scheduling meetings; and your agreement or disagreement with the findings.
*For general audit information see the IRS website IRS Audits
*For specific questions concerning your situation please contact the phone number listed on the IRS notice you received.