An Audit Reconsideration is the process the IRS uses to reevaluate the results of a prior audit where additional tax was assessed and remains unpaid, or a tax credit was reversed. If the taxpayer disagrees with the original determination he/she must provide information that was not previously considered during the original examination. It is also the process the IRS uses when the taxpayer contests a Substitute for Return (SFR) determination by filing an original delinquent return.
Robert E. McKenzie was recently featured in The Wall Street Journal article, “Donald Trump May Be Able to Slow His Tax Audit.” The article discusses how Donald Trump and his attorneys have some ability to slow the audit process. According to Mr. McKenzie, it was “close to impossible” that the audit would finish by Election Day. “The complexity — even if they had a handshake agreement — of getting it memorialized into a deal could take months.”
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