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Preparing for an Audit — Business Tip

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August 28, 2013

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Did your business get picked for a tax audit? The key to surviving an audit -and even coming out on top is not to panic, but to prepare. If you go it alone, before meeting the auditor, thoroughly review the tax returns being audited. Be ready to explain how you or a tax return preparer came up with the figures. If you can’t, then head for the preparer or another tax pro. Pinpoint problems backing up income sources or expense deductions. Research tax law, if necessary. You’ll need to legally show your right to take tax deductions or other tax benefits claimed on your return. Find all records that substantiate your tax return, the IRS has a right to look at any records used to prepare your tax return. We recommend you hire a tax expert to represent your interests and you during the audit.

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