December 2021
Beginner
624 pages
21h 39m
English
Content preview from J.K. Lasser's Small Business Taxes 2022
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CHAPTER 34Handling Audits with the IRS
The word “audit” sends shivers up the spine of a small business owner, and for good reason. Tangling with the IRS diverts the owner's attention from running the business now to hashing over old taxes. An audit may also wind up costing the owner hefty professional fees for representation and additional taxes, penalties, and interest. The good news is that audit rates for most types of businesses are down, although the IRS has indicated it plans to increase audits of small businesses by 50% in 2021 (see Chapter 1 for audit statistics). Still, if you are selected for examination by the IRS, these statistics are little comfort to you. When you receive a letter from the IRS stating that you are under examination, you need understand what it means and what you can or should do.
This chapter is intended to give you only an overview of the audit process and your options for dealing with it. For further information about tax audits, see IRS Publication 1, Your Rights as a Taxpayer; IRS Publication 556, Examination of Returns, Appeals Rights, and Claims for Refund; IRS Publication 3498, The Examination Process; and IRS Publication 3498-A, The Examination Process (Audits by Mail).
Types of Audits
The IRS is the tax collector for the federal government. If the IRS thinks you have underreported your income or ...
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