Taking Care of a Business Audit

There’s that letter, sitting on your table. You’re being audited. It sounds scary, but as we explored a bit last week, it’s not unbearable if you’re prepared. You’ve already started working on everything related to business audits with your lawyer as well. 

If you are looking at a letter, the first step has already happened. The IRS contacts the business that is being audited to let them know what is going on. In this letter, there should be a list of things that the IRS wants in order for your audit to go by smoothly. This could be documents, surplus from tax deed fort lauderdale info, past tax information, receipts; whatever mishmash you can think of can be on this list.

Then, it’s your turn to do a few things. The company or individual now begins what is called the planning stage. The lawyer sits down with the entity being audited and they figure out exactly what they are going to do. After everything gets together, the lawyer and the business owner sit down and make sure it’s in order in the way that the IRS wants it to be. Preparing your information for this audit can take a while, and then you submit it to the IRS. The IRS then communicates with the business as to whether or not the audit is finished or if they need further information in order to close the audit fully.

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Companies, especially larger ones, usually have boards or groups that they use to consult and such during the whole auditing process. This group then has the responsibility of helping the company organize everything in order to best go through the audit. The board writes up several drafts before finally submitting a final document and audit to have a meeting about with the IRS.