You have a lot to deal with to keep your company operating. One thing you don’t want to have to handle? An IRS audit. While some audits happen randomly, others trigger from red flags in your records. What are these IRS audit triggers, you ask?
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Audits - Tips, Training, and News
If You Get Audited by the IRS, What Happens?
If the phrase “audited by the IRS” fills you with dread, you are not alone. Getting audited is something no business owner wants to go through. But, sometimes audits take place. If you get audited by the IRS, what happens?
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What Is an Audit?
Audit. Do you panic when you hear that five-letter word? You might think an audit is the last thing your business needs, but they aren’t always bad. Regular audits can be more like a routine maintenance check than an invitation for IRS penalties. Learn what an audit is, what types of audits there are, how […]
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How to Conduct an Audit in Your Small Business
A nerve-wracking visit from the IRS isn’t the only type of audit out there. There are several audits you can—and should—conduct regularly. And to do that, you need to know how to conduct an audit.
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Do You Have a Cash-intensive Business? [Definition, Audit Process, & More]
Do you receive most of your business income in cash? If so, you’re probably a cash-intensive business, which can put you under greater IRS scrutiny. Why? Because cash transactions do not leave a paper trail. So if you run a cash-intensive business, you need to keep detailed records.
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Breaking Down 9 Different Types of Audit
As a small business owner, you need to conduct regular audits to ensure your records are accurate. Although many business owners dislike the idea of auditing, audits can be beneficial to your company. Learn more about the different types of audit below.
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What Is an Audit Trail, and How Does It Impact Your Business?
As a business owner, you’re responsible for recording your company’s transactions. And to support your entries, you should be keeping adequate documentation. This accounting documentation acts as an audit trail for your business. Read on to learn what is an audit trail and why it is essential for your small business.
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