It is every small business owner’s worst nightmare … a notification from the IRS announces that they are going to be audited.
IRS audits have a lot of bad connotations, but on a very basic level they’re fairly simple. A government-appointed accounting agent visits you in order to review your finances and do a critical assessment of whether your tax return was filed correctly.
So how does something that sounds so simple become so complicated … and … so costly? An IRS audit is not something to be taken lightly, but with careful planning and expert assistance, they are definitely survivable.
What is the IRS looking for during an audit? Number one, they are looking for income not reported or income that was reported incorrectly. Number two, they want to see if any expenses and/or credits were not accounted for properly or taken inappropriately.
One thing to know about IRS auditors is that they have limited resources. People have scary visions of visits from fleets of IRS field reps who drop in on unsuspecting business owners, but that is not how it works. Unless the IRS believes it has a good chance of digging up (and collecting) a substantial amount of delinquent taxes, they will leave you alone.
Although this might ease your mind somewhat, IRS audits do occur and can be costly enough to put you out of business. When they happen, our firm, Brotman Law, specializes in helping small businesses succeed against the IRS.
We have a proven track record of representing clients in the areas of audits, IRS collections, sales tax, payroll tax and other related issues.
We want you to know if you are facing an IRS audit, you are not alone and there is help. The IRS has coffers to fill and will audit small businesses or individuals when they think there’s a chance of hitting pay dirt. We have successfully defended our small business clients in IRS audits and know how to handle the situation.
At one time or another, we have worked with most of the auditors in Southern California and know their game plans.
Our strategy is to go into an audit well-prepared and ready to mitigate any curveballs the IRS tries to throw your way. We know the keys to surviving an audit and coming out with the minimal (or no) liability.
This is what sets us apart from other law firms and why what we bring to the table surpasses what your CPA, tax preparer or even your CFO can provide. We fight it out with the IRS in the tax courts and win. We also know that the small business owner who thinks they can defend themselves against the IRS in an audit is more than likely in for a rude awakening.
That is why we created this free book. If you are reading this, the odds are pretty good that you have either received a notice from the IRS or believe that you are in the crosshairs.
If reading this out of plain curiosity, you will pick up some great tips and strategies for keeping your house in order. In this case, you will be well-prepared in case the IRS ever comes gunning for you.