How to Handle an Audit with Tom Wheelwright

September 20, 2023

WealthAbility for CPAs #106 – With the IRS announcing they will ramp up their audits, what does this mean for our firms and our clients? How can we be the best advocate and alleviate the stress of an audit for all parties involved, but especially for our clients? In this episode, Tom Wheelwright walks us through the in-depth details of what to expect from an audit, and the steps to handle it from start to finish, so we can optimally and optimistically serve our clients.

Order Tom’s new book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: https://winwinwealthstrategy.com/

SHOW NOTES:

00:00 – Intro
02:20 – Rule #1: What does an audit actually start with?
06:00 – Rule #2: What do we prepare when the IRS schedules the first call? Should the client ever speak to the IRS?
09:00 – What do we do when the IRS sends the IDRs?
11:45 – Frustration vs. Clarification: The art to the audit process.
13:20 – How may eyes should be on what you’re delivering back to the auditor?
17:55 – What does an auditor want the most?
21:51 – Try to avoid appeals.
25:10 – Documentation, documentation, documentation!
30:42 – You are the taxpayer’s advocate.

Looking for more on Tom Wheelwright?
Website: https://www.wealthability.com 
Books: “Tax-Free Wealth”, “The Win-Win Wealth Strategy”
X: @tom_wheelwright
Instagram: @tom_wheelwright
LinkedIn: linkedin.com/in/tomwheelwright/