Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct an audit with an eye toward finding additional tax owed. With so many gray areas in tax law, and considering the tax code’s complexity, an individual who chooses to go it alone is a sitting duck. With extensive tax education and experience, the examiner can take a position to find additional tax due on the return. Without the necessary knowledge, the typical individual is powerless to refute the agent’s rationale.
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Most property you own and use for personal, or investment purposes is a capital asset. For example, a house, furniture, car, stocks, and bonds are capital assets. When you dispose of these assets, it generates capital gain or capital losses. Tax treatment of capital gain and losses is cumbersome.
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