What to Do When Tax Audits Are Headed for Small Businesses
A food critic is the worst nightmare for any restaurant or cafe running smoothly minding its own business. The letter of arrival by the critic is none like the devil who has arrived in a business suit. The worst thing that can happen to any business is to get audited. Imagine it this way. Almost one in 100 businesses get audited every year. It’s a dreadful feeling for the business owners. Audits can be a weary experience for small businesses because of the prospect to owe more taxes within a limited budget. If you are held liable for the audit without an experienced accounting department to back, you up then it’s to feel as if you are in hot waters. Hiring the Tax Audit Representation is a good idea at this stage to avoid any blunders or errors in filing for taxes and so on. Anything could trigger a small business to be notified by IRS like; ● If a business earns more than $ 1 million (annually) and if your assets aren’t protected. ● If you fail to report all so