IRS Tax Audits
Unfortunately at some time or another, you are probably going to receive a notice that the IRS intends to preform IRS Tax Audits on your tax records. This is not necessarily because of something you have done. Nevertheless, a tax audit can be a stressful experience and it helps to have an experienced tax and accounting firm help you prepare for it.
The IRS will need to see all of your financial records for a specific time period. Rather than handing over a folder of receipts and other documents, let LBS Tax & Accounting help you gather the information you need and then organize it in an easy to review format. This will make a good impression on your auditor and lower the risk of a larger audit.
For your audit, you need the following:
- All electronic records – this includes credit card and bank statements with all pertinent information on them.
- Financial records – this should be in printed form and we can assist you in compiling the statements you need.
- Bank Records – If you still receive a monthly report from your bank in the mail, be sure to keep these as an auditor will ask for them.
- Receipts – all receipts for business expenses should be kept with notations that justify the expense for your company. This includes dinner receipts, receipts for office supplies, and any other business related purchases.
- Auto Mileage – if you count your business miles, then you should be recording those miles in a journal or some type of diary so that you can prove to the auditor that they are justified.
Enjoy peace of mind when it comes to your financial health. Call us today at (480) 664-1249.