How Your Business Can Survive a Tax Audit?

Business Tax Audit Accounting CPA

Tax Audit

The Internal Revenue Service (IRS) conducts tax audits on businesses and individuals each and every year to ensure that all (taxable) income is reported. A tax audit can be a frightening process, but it can be easier to navigate if you have the information you need in order to navigate through the audit successfully.

Here are a few tips to help your business survive a tax audit:

Hire a CPA

One of the easiest ways your business can survive a tax audit is to simply hire a CPA. Hiring a CPA can help you navigate through an audit in the easiest way possible by offering advice on how to properly deal with the IRS.

Don’t Delay the Audit

One of the worst things you can do when being faced with a tax audit is delay the audit. Attempting to delay the audit will throw red flags up to the IRS that you are attempting to cover up something in your taxes.

Have Realistic Expectations

This is not going to be an easy process, but you must have realistic expectations. Realistic expectations means you must come in with all your documentation and also all your paperwork in order to avoid red flags that may make it appear you are attempting to hide something.

Stay Calm

I know this may be hard to do but the best thing you can do is to stay calm. Don’t overreact and just comply with the IRS in every way you can. It’ll be worth it in the end.

How have you survived your latest tax audit? Leave your comments below.

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  • Huddleston Tax CPAs / Huddleston Tax CPAs – Mill Creek
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    Huddleston Tax CPAs & accountants provide tax preparation, tax planning, business coaching,
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    We serve: Tukwila, SeaTac, Renton. We have a few meeting locations. Call to meet John C. Huddleston, J.D., LL.M., CPA, Lance Hulbert, CPA, Grace Lee-Choi, CPA, Jennifer Zhou, CPA, or Jessica Chisholm, CPA. Member WSCPA.