If you own a small business, you sure don’t need an IRS audit.
If you own a small business, you probably already have enough headaches, and you sure don’t need an IRS audit to complicate things! But, what do you do if that letter does arrive? First, don’t panic. Remain calm. Breathe.
Admitted, it’s much easier to remain calm when you have some idea of what might happen next. The Internal Revenue Service just launched a new online video series, Your Guide to an IRS Audit, to help small business taxpayers and their tax preparers better understand the IRS audit process. The series follows three hypothetical taxpayers through the steps of an audit, from notification to closing. Additionally, the series describes how best to prepare for an audit, and outlines the types of audits and the different steps involved in each type. It also provides answers to common questions.
Other educational products to help small business owners learn about their federal tax rights and responsibilities, such as the Virtual Small Business Tax Workshop, are also online at the IRS Video Portal.Tags: IRS, Small business, taxes