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A Brief Overview of Business Tax Audits

Written by admin. Posted in Accounting, Cpa firm, Cpa firm in northern va

Tax preparation

An integral aspect of operating a business is maintaining detailed financial records. While this information is needed in order to make important decisions that directly impact the business, it is also necessary when filing taxes. It’s important to note that even when businesses pay their taxes on time and for the correct amount, they may still be audited by the Internal Revenue Service (IRS).

The Three Types of Business Tax Audits

There are different types of business tax audits that are conducted by the IRS. These include correspondence audits, office audits, and field audits. A correspondence audit is conducted by mail. For an office audit, business owners actually go into the IRS’s office. When th