What to Expect When You Are Audited
Tax Defenders know many business owners work so hard they don’t take time to think about their taxes, let alone the risk of an IRS audit. Nearly a quarter of all surveyed business owners failed to even know their own tax rate (CNBC, 2016). This can put you and your business risk. If you receive notice of a tax audit, it is because they have questions regarding your taxes And there are likely to be more questions to follow, questions that can end up costing you money, penalties, and even your business. Tax returns not filed can result in criminal penalties. In May 2018, the Police Commissioner of Baltimore City resigned after being charged with unpaid taxes, with a trial to follow.
Let’s start with basics about an IRS Audit. What can they review? The law allows an IRS audit to go back and review three years of filings and collect up to 10 years of Continue Reading
