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| *The Commerce Journal>>>Other Taxes |
If the IRS is auditing a company, what are they trying to find out ?? |
If the IRS is auditing a company, what are they trying to find out ?? Gee, let's see. They've reported their correct income, and are paying their correct income tax. Whether or not the company properly reported its income and expenses. If the auditor finds that more taxes are due, then those will be assessed. If the auditor finds that too much tax was paid, the extra will be refunded - and yes, that does happen sometimes in audits. If you paid all of your taxes or if you have been diverting funds inappropriately. If it is a general audit they are attempting to determine if you have been reporting both your income and expenses properly. If they have sent you a notice of an examination on a specific issue they have already developed some concern about that subject. In most cases it is simply a matter of explaining what you did and why it is appropriate. If all of your records are tossed in a box you have a problem. If everything is pretty much in order they will look at a few areas and send you home. No way to know without seeing the audit notice. Most audits are a very narrow scope and are only looking for a few things. |
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