Steps to take in preparing and dealing with an IRS examinati

The chances of one's tax return being audited by the IRS have fallen to an all-time low. While the overall examination coverage by the IRS is very low, it concentrates at the extremes of the filing population - the largest corporations, wealthiest individuals, and individuals who fail to report income from Forms 1099 on one end and wage earners with no Schedule C or F income at the other end. Steps for individuals to take when preparing for an IRS audit include: 1. Plan ahead. 2. Know the specialization programs. 3. Provide sufficient documentation. 4. Do not try to delay the process. 5. Retain all options until the end. 6. Try to settle with the examiner. 7. Not all issues can be settled with the examiner. 8. Stay calm. 9. Get an agreement beforehand.