Tips for Surviving a Small Business Tax Audit
What small business owner would want to get audited by the IRS? Most business owners who receive notice that their business is selected for audit avoid the stress by hiring a criminal tax attorney or an IRS audit specialist attorney to represent the business. An experienced tax attorney knows how to prepare for the audit and can give you the confidence needed to get the best outcome.
The Law Offices Of Jeffrey B. Kahn, P.C. has helped many people with the small business tax audits. Drawing from our experience of tax lawyers directly representing businesses in IRS audits, here are some valuable tips that can help any small business be ready for their date with the IRS:
Stick to the Relevant Facts: Don’t give lengthy explanations to questions from the auditor or start talking about things that aren’t relevant to what was asked. This will only give the auditor other potential avenues for discussions.
Listen to Your Representative: If you are working with a tax attorney lawyer or other professional, make sure you stick to their advice. After all, they have the experience you lack and won’t be intimidated by going through the auditing process.
Bring in the Right Documentation: Make sure that you have all of your receipts or tax records for the year you are being audited for in a system that makes them easy to refer to during the audit session. Don’t being in tax records or receipts from other years; this just opens you up to potential audits on these years as well.