There is nothing worse than receiving that dreaded letter in the mail. You know which one. The one from the IRS explaining they need more information from you.
Nobody wants to receive this letter, but many small business owners find themselves in this position every year. If you ever find yourself in this unenviable spot, here are three tips for coming out on top:
If the IRS sends you a notice, read it carefully to determine what they are looking for. In most cases, your response requires nothing more than additional documentation. For example, you may need to forward missing 1099's to take care of what appeared to be a math error.
Do you have additional questions regarding IRS audits? If so, the IRS website is full of information and guidance. It is here that you can learn more about:
If you are lucky, you will never face a small business tax audit. Conversely, if you find yourself in this position you can use the tips above to your advantage.