5 Red Flags That May Cause the IRS to Audit My Business
There is a certain sinking feeling a person undoubtedly gets when they receive a letter from the IRS in general, but an audit notice can really put a damper on the day. The process of having the IRS audit your business can be extremely stressful. Mistakes do happen. Underpaying on taxes can lead to a huge penalty in combination with the total still owed in taxes. Under reporting income can lead to penalties that are dependent upon what percentage of personal income that you didn’t report or pay taxes on. A Denver tax advisor or tax attorney in your area can help you make sense of the notice you have received. Below we will cover the five red flags that can lead to the nightmare that is an audit by the IRS. Keep in mind, the IRS can audit your business for any number of reasons. Consult with your tax advisor if you think you’ve made a mistake on your taxes before you file.
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