So you’ve received a notice from the New York State Tax Department advising you that you or your business is being audited. What now?
First of all, don’t worry. The State decides to audit tax returns for all sorts of reasons. The information that you submitted on a return might not match what the State has on file: for example, the State may have income on file for you that you neglected to include on your return because the W-2 or 1099 got lost in the mail and you simply forgot about it. In some cases, a number of returns are all audited for an identical reason, and it’s not about anything you did at all!
People get stressed about tax audits because they fear that they are “in trouble” and will have to pay more. Remember: an audit is simply an examination of your return. The finding of the audit could be that you underpaid, but the audit could also find that you overpaid and are due a refund! If the audit finds that you overpaid, you’ll get a bill. A good tax attorney will guide you through the audit process and will advise you of next steps in the event that you are assessed additional tax, interest and/or penalties.
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Bradley R. Bailyn, Esq. , Founder
Bailyn Law provides comprehensive legal and advisory services to closely held and family businesses seeking to capitalize on opportunities, avoid or mitigate risks and create long-term stability through good management and diligent business decisions. We help owners and directors structure successful transactions to improve profitability and liquidity including purchasing and selling entire companies or certain assets, restructuring the ownership, management and operations of the business, raising capital or entering joint venture agreements. We serve as general counsel for our clients, fulfilling daily needs and building long-term relationships of trust and confidence.
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