If you own a small
business, you probably already have enough headaches, and you sure don’t need
an IRS audit to complicate things! But, what do you do if that letter does
arrive? First, don’t panic. Remain calm. Breathe.
Admitted, it’s much
easier to remain calm when you have some idea of what might happen next. The
Internal Revenue Service just launched a
new online video series, Your Guide
to an IRS Audit, to help small business taxpayers and their tax preparers
better understand the IRS audit process.
The series follows three hypothetical taxpayers through the steps of an
audit, from notification to closing. Additionally, the series describes how
best to prepare for an audit, and outlines the types of audits and the different
steps involved in each type. It also provides answers to common questions.
Other educational
products to help small business owners learn about their federal tax rights and
responsibilities, such as the Virtual Small Business Tax Workshop, are also
online at the IRS
Video Portal.