Is The IRS Auditing Your Business?
To the IRS, an audit is a routine event that they deal with every day, but, for a business owner, an audit can be an overwhelming, time-consuming and resource-intensive process. The results can be a make-it-or-break-it moment for your business. The decisions you make in the wake of an audit notice are vital to the long-term success of your business.
Attorney Robert T. Leonard has decades of experience helping businesses like yours navigate complex IRS issues. Businesses across California trust the Law Offices of Robert T. Leonard, APC, with their Tax Code needs. Contact us at 818-485-2115 to schedule an in-person conversation.
What Will The IRS Look For During An Audit?
During an audit, the IRS is working to create a full and complete picture of your business. They evaluate all your business’s profits, growth, debts and liabilities. This can seem very broad, but, at the core, what the IRS is doing is looking for red flags. Some examples of red flags may be:
- If your business deals with large amounts of cash
- If, as a business owner, your lifestyle does not match your personal income taxes
- If business write-offs fail to match your business’s needs or appear excessive
- If your payroll taxes and employment records conflict
When your business receives notice of an audit, ensure that you make wise decisions. Work with an attorney who understands the Tax Code and who has experience representing California businesses throughout this rigorous process.
Vigilant About Your Rights, Proactive About Your Needs
The IRS is about to put your business under a microscope. Do not go into an audit unprepared and undefended. You can reach our Woodland Hills office by phone at 818-485-2115 or by sending our firm an email.