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  • January 16, 2015

An IRS Tax Audit of Your Business – The Basics

A tax audit is an accounting procedure where the IRS examines your business financial records to make sure you filed your tax return accurately.  If you receive an IRS audit notice, here are the basic steps you can take to assist in resolving the situation. 1. Determine Why Your Return Was Selected For An Audit. It is the IRS’s obligation to inform you as to why your return was selected.  However, you must be diligent in making the inquiry.  Taxes may be audited for several reasons, including: Specific activity on your return, such as cash wages, 1099 and W-2 forms that…

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