Episode 61: In this episode, Timalyn breaks down one of the most misunderstood topics in tax: the IRS audit.
After 60+ episodes of educating taxpayers, she's kicking off a brand-new series that explores what an audit really means — and what it doesn't.
Many people fear a suit-wearing IRS agent knocking at their door, but as Timalyn explains, that's highly unlikely. Instead, most audits today are conducted through correspondence and notices, not surprise visits.
So, what is an audit?
An IRS audit is simply a review or examination of your accounts and financial information to ensure you reported everything correctly and according to tax law. Timalyn explains how discrepancies (like mismatches between your return and a third-party report) can trigger an audit, but that doesn't automatically mean you're in trouble.
She also walks through how audits apply to individuals and organizations, including what the IRS looks for in businesses, churches, and nonprofits. For example, are expenses "ordinary and necessary"? Was depreciation properly reported? Were financial records kept accurately?
Timalyn helps listeners understand the process and stresses the importance of documentation and good bookkeeping, especially for small business owners.
This episode is part one of a three-part audit series where Timalyn will later explain:
Why are some taxpayers selected for an audit
What happens when you agree with the audit findings
What happens when you disagree with audit findings
And if you're already in an audit and feeling overwhelmed?
You have the right to tax representation.
Timalyn explains how professionals like Enrolled Agents (like herself), CPAs, or tax attorneys can step in to help you navigate the audit process, avoid unnecessary penalties, and protect your peace of mind.
Need Tax Help Now?
If you're facing an audit or just want to avoid one, book a consultation with Timalyn through her website: www.bowenstaxsolutions.com
Know someone stressed about the IRS?
Please share this episode with them. Tax confusion causes unnecessary fear — and this series could provide the clarity and confidence someone needs today.
As we wrap up Episode 61, stay connected with Timalyn by subscribing on Spotify, Apple Podcasts, Amazon, or your favorite platform. Remember, Timalyn Bowens is America's Favorite EA, and she's here to fill the tax literacy gap — one taxpayer at a time.
Thanks for listening to today's episode! For more information about tax relief options, visit:
https://www.Bowenstaxsolutions.com. Got feedback or an episode suggestion? If you have any feedback or suggestions for an upcoming episode topic, please submit them here: https://www.americasfavoriteea.com/.
Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.
