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What to Expect from an IRS Audit And How to Protect Yourself
In this insightful episode of Thorgood Tax Talk, attorney Shamsey Oloko breaks down the different types of IRS audits, the triggers that prompt them, and what taxpayers should know to avoid costly mistakes. Shamsey shares real-world examples, including high-stakes enforcement actions, and explains the importance of having the right professional support when facing an audit. Whether you’re a business owner, gig worker, or just trying to navigate your taxes, this episode offers clarity, expert advice, and actionable strategies to stay on the right side of the IRS.
Key Moments and Timestamps:
[00:00] Introduction to the episode
[01:10] What triggers IRS audits and why underreporting is the biggest red flag
[03:20] High-cash businesses and IRS audit patterns
[05:00] How lifestyle and charitable donations can raise red flags
[07:15] The role of whistleblowers in triggering audits
[08:50] The four main types of IRS audits explained
[13:30] Real-world example of a hybrid civil and criminal IRS raid
[17:45] The most intense and rare audit: CCNP audit
[20:15] Can one audit type escalate to another?
[24:00] What to do when you first receive an audit notice
[25:20] The importance of hiring a tax attorney over a CPA in serious audits
[29:45] Documentation mistakes taxpayers often make
[32:30] How tax preparer errors can create IRS issues
[36:10] Real client stories: navigating IRS scrutiny and clearing your name
[40:00] Key differences between CPAs and tax attorneys in audit defense
[43:00] Final thoughts and practical advice for anyone facing an audit
About the Show:
Thorgood Tax Talk breaks down the real-world impact of IRS issues and enforcement. Led by trusted attorney Shamsey Oloko, the podcast offers expert legal insight into audits, collections, criminal tax investigations, and corporate tax compliance. Learn how to respond, how to protect your peace of mind, and how tax lawyers can make all the difference.
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By thorgoodtaxtalkIn this insightful episode of Thorgood Tax Talk, attorney Shamsey Oloko breaks down the different types of IRS audits, the triggers that prompt them, and what taxpayers should know to avoid costly mistakes. Shamsey shares real-world examples, including high-stakes enforcement actions, and explains the importance of having the right professional support when facing an audit. Whether you’re a business owner, gig worker, or just trying to navigate your taxes, this episode offers clarity, expert advice, and actionable strategies to stay on the right side of the IRS.
Key Moments and Timestamps:
[00:00] Introduction to the episode
[01:10] What triggers IRS audits and why underreporting is the biggest red flag
[03:20] High-cash businesses and IRS audit patterns
[05:00] How lifestyle and charitable donations can raise red flags
[07:15] The role of whistleblowers in triggering audits
[08:50] The four main types of IRS audits explained
[13:30] Real-world example of a hybrid civil and criminal IRS raid
[17:45] The most intense and rare audit: CCNP audit
[20:15] Can one audit type escalate to another?
[24:00] What to do when you first receive an audit notice
[25:20] The importance of hiring a tax attorney over a CPA in serious audits
[29:45] Documentation mistakes taxpayers often make
[32:30] How tax preparer errors can create IRS issues
[36:10] Real client stories: navigating IRS scrutiny and clearing your name
[40:00] Key differences between CPAs and tax attorneys in audit defense
[43:00] Final thoughts and practical advice for anyone facing an audit
About the Show:
Thorgood Tax Talk breaks down the real-world impact of IRS issues and enforcement. Led by trusted attorney Shamsey Oloko, the podcast offers expert legal insight into audits, collections, criminal tax investigations, and corporate tax compliance. Learn how to respond, how to protect your peace of mind, and how tax lawyers can make all the difference.