This is big! The IRS is actually helping the taxpayers understand their audit techniques. This was such a mystery over the years for so many people on the question, ” what does the IRS do during an audit”? This is IRS’s way to become more people friendly. The IRS has a new program called TaxWise, a TV feature that is a guide to help navigate you through the IRS audit process. Its purpose is to show you how the IRS conducts an audit and will help the taxpayer prepare for the audit. The IRS will show you their examination techniques that are common to unique industry standards, business practices, industry terminology and give you other information to assist you and the IRS examiner during the audit. This program is very beneficial to everyone who will ever go through an audit. To learn about this and more, go to the IRS.gov.
Basically, if you want to limit your potential liability during an audit and not have your money exposed to a potential IRS lien or levy, this will help minimize your risk.
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