Facing an IRS audit is a stressful experience, especially for dental professionals.
One of the first questions that comes to mind is, “How long does an IRS audit take?”
While there’s no one-size-fits-all answer, understanding the process can ease some of the anxiety.
Here’s what dental offices need to know about the timeline for IRS audits.
IRS Audit Timing
The IRS has up to three years from when you filed your tax return to initiate an audit. However, this timeframe extends to six years if they suspect significant errors and indefinitely in cases of suspected fraud.
Once underway, audits vary widely in duration. Simple audits might wrap up within a few months, but more complex cases can extend over several years.
Factors affecting the timeline include:
- the complexity of your taxes
- available documentation
- the IRS’s caseload
Different Types of IRS Audits
IRS audits can be conducted through different methods including:
- Correspondence Audits: These involve mail correspondence and are usually quicker and less intrusive.
- Office Audits: Require an in-person meeting at an IRS office.
- Field Audits: Take place at your home or business, adding another layer of complexity.
Tips for Efficient Audits
Proactive preparation and cooperation can help expedite the audit process. Keep thorough records and promptly respond to IRS inquiries to streamline proceedings and potentially shorten the duration.
Choose Davis & Cole as Your Dental CPA
Navigating an IRS audit can be overwhelming, but having the right support can make all the difference. That’s where Davis & Cole, L.L.P. comes in.
Specializing in dental CPA services, we understand the unique financial landscape of dental practices. We provide comprehensive dental CPA services to prevent audits from ever happening. However, if you do face one, then we can guide you through the audit process to ensure efficiency.
Read more: How Much Is Your Dental Practice Worth?
Don’t let the uncertainty of an IRS audit disrupt your dental office.
Proactively address any tax concerns and ensure compliance with our help. Schedule a free consultation with Davis & Cole today to learn more about how we can support you.
