Getting a notification from the IRS that your tax filings have been flagged for an audit is nerve-wracking, but knowing there are things you can do right now to be ready for it can ease your mind. Here are three things you can get started on doing today in preparation for your business tax audit.
Gather Your Tax Returns
Your tax filings have been reviewed already by the IRS, and something about them stands out. Perhaps your financial gains or losses were significantly bigger or smaller than past years. Or maybe it’s an accounting error. By gathering your tax returns, you’ll be able to see for yourself the areas of concern and be ready to provide more details to IRS agents.
Collect Your Financial Records
Tax returns are prepared based on financial information you provide, so get the financial records you used to complete your tax filing. These can be instrumental in clearing up any misunderstandings or miscalculations that triggered your audit.
Get Professional Help from an Experienced Tax Advisor
Make the commitment today to be prompt, clear and responsive to any communications you receive from the IRS when it comes to an audit of your business taxes. If you’re not sure what to do or how to answer the questions you receive, don’t go it alone. Consulting with a business tax and auditing specialist can go a long way in resolving your audit quickly and with minimal interruption of your work.
Do You Need Help with a Business Tax Audit in Las Vegas Valley?
As a leading local tax consultant, S.J. Meyer & Co. is ready to assist clients facing the stress of a business tax audit, as well as those seeking improved tax strategies year-round. In addition to specialized forensic accounting, we deliver superior accounting and auditing, tax planning and preparation, and business set-up and planning services, as well as Quickbooks consulting. Our team of top-rated financial professionals has earned a stellar reputation for attentive service and dedication to our clients’ needs. We welcome your questions about wealth management, estate planning, business taxes and S corp tax planning, too. Contact us today to speak with a dedicated tax advisor.
Expert Assistance So You Don’t Have to Face a Business Tax Audit in Las Vegas Valley Alone
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