Have you recently received notice of a business tax audit? Don’t panic! There are lots of things you can do to prepare yourself before the IRS audits your company’s finances.
Gather Your Documents
One of the first things that you should do after receiving notice of a business audit is gather all your tax-related documents for the year (or years) in question. Finding these documents and organizing them before your audit can help to freshen your memory. In addition, it will also ensure that your auditor has exactly what he or she needs to go through the audit as quickly and painlessly as possible.
Consider an Extension
When it comes to facing a business audit, the last thing you want to be is unprepared. In fact, to get the best outcome possible, you need to have everything in order before your audit date. Fortunately, you have the option to request an extension on your audit. By requesting an extension, you’ll have more time to gather your company’s financial records. If you haven’t kept great records, requesting an extension is a good option that will give you more time to prepare.
Remember: You don’t have to go it alone. If you’re a business owner in the Mesa area feeling overwhelmed in the face of a tax audit, you can turn to the pros at Taxation Solutions, Inc. Call us today, and we’ll help you deal with your business audit request!