Irs Audit Request
November 13th, 2007
Question: loan officer has client with tax challenge?
Client wants a cash out refi but has to bring tax filings current first…on order to hav all the documentation needed to apply for the refi
Long story short…the client went through hardship the last 5 years …was able to keep his house.
But tax filings fell through the cracks.
Personal tax records are sketchy.
I suggested contacting the IRS for a copy of the master file going back 5 or 6 years …in order to file accurate information and bring the filings current.
The penalties adn interest should be minimal because previous filings always got a refund.
The client’s concern is …triggering a red flag and an audit by talking in person to the IRS.
Is there a way to make a request using some standard bureaucratic paperwork procedure that is least likely to draw attention.
Is there a form used for such a request
Answer: His concern for an audit is real but there is a legal way around it. Have your client contact a Tax Attorney who can explain the process of taking care of the past tax records. This should be done as a consultation and your client should not be charged.
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