UNDER AUDITSHUT UPDON’T TALK ABOUT IT

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Michael Lodge   by Michael Lodge, Chairman / CEO

If you are a high profile individual with a lot of income and your being audited – SHUT UP. Do not say anything about your tax situation. The IRS monitors what you are saying, what appears in facebook and other social media, or in the newspapers or internet. I have had clients under audit showing pictures of themselves buying high profile brands and cars and in audit the auditor has shown me the pictures and questioned – if the client is not paying his tax bills and buying grand stuff – there is a problem.

Remain silent, don’t comment about your taxes, don’t talk about various aspects of the audit with ANYONE. Keep silent and get through the audit. And in Trumps case – don’t show an unfinished audit. You will set yourself up.

When dealing with the IRS on an audit be always professional, only make statements to the auditor under the control of your audit representation, and don’t volunteer information that is not relevant to a specific question the auditor is asking. A good example is 50 cent showing a picture on social media with mounds of cash around him – but he is filing for bankruptcy – the Judge asked him to appear before the court to explain his picture. Dumb moves like that will get you into more trouble.

UNDER AUDIT – REMAIN SILENT. Pure and simple.