An audit is an examination of a business’s financial reports by an independent auditor or organization. The main purpose of an audit is to ensure the information included in the financial reports is true and reflects the company’s financial position at a given date. So, an audit is not necessarily bad for your business; it […]
Audit
Does Your Company Meet the Relevant Criteria to Carry Out an Audit?
Does your business need to complete a company audit? As a legal requirement, it’s important that you know whether or not your company meets the criteria. In addition to it being a legal requirement, an audit can deter fraud and also add value to your company by adding trust in an organisation and giving people […]
7 Easy Steps to Prepare a Flawless Audit for your Business
Source Being in the corporate world comes with tons of responsibilities. From sustaining a great brand image to monitoring every financial statement, there is a lot to deal with. Among all the challenges and duties, preparing for an audit is what drives most managers crazy. It sounds like a piece of cake, but there are […]
What To Do If the IRS Audits Your Business Tax Returns
The Internal Revenue Service (IRS) is cracking down on small business tax fraud. In the midst of the COVID-19 pandemic, the IRS’ Small Business/Self-Employed Division established a new Office of Fraud Enforcement, and the agency has recently issued several news releases discussing common small business tax mistakes and warning of their consequences. With this in […]
IRS Audit Rates Increase As Income Rises
Few things can generate as much taxpayer concern, confusion and controversy as an IRS audit. Tax audits are a critical compliance tool to help ensure fairness in the tax system, and the IRS works hard to ensure the agency’s audit selection process is fair and impartial. Decisions to conduct audits are based on the financial […]
7 Things Not to Do During an Audit
We get it. Tax audits can be nerve-racking, to say the least. And while there is a lot of information out there on what is appropriate to do, there isn’t much on what not to do. So allow us to outline some of the things you should never do during an IRS audit. 1. Do […]
How to Prepare Your Business for a Compliance Audit
Preparing your business for an upcoming compliance audit is no easy task, and can’t be rushed if you hope to avoid stiff regulator fees. Many business managers and even accounting professionals are nonetheless having a hard time ensuring that their operations are compliant, and don’t know where to turn to for advice in a digital […]
Secrets and Tips to Avoid or Conquer an IRS Audit
If your reported income seems a little high or low, chances are you might hear a knock on your door from the Internal Revenue Service. We know the tax filing process is a colossal headache. But unless you’re evading taxes like Al Capone—and we don’t recommend that at all—the IRS understands how complex the U.S. […]
