Yes, the word strikes fear in every taxpayer’s heart. Here are the basics.
You may know someone who’s been through an IRS audit. You’ve at least heard that it can be a grueling, complex process. But how much do you really know about this potentially-unpleasant procedure? Here’s some of what every business owner should know.
What is an IRS audit?
In an audit, the IRS examines your company’s accounts and financial information. The agency’s intent is to make sure that your return is in accordance with tax laws and that you paid the correct amount of tax.