Audit Alert
Keeping good records from the start is the key to surviving an IRS audit.
Does the mere thought of an IRS audit send chills down your spine? Historically, small businesses have been audited by the IRS at double the rate of all filers. Although that rate is dropping, there are a number of practical reasons why small businesses are at greater risk of being audited, says Vicki L. Helmick, a CPA in Orlando, Florida.
"If you're a sole proprietor, have a home office or do your return by hand rather than using a computer program or a professional tax preparer, you increase your chances of being audited," Helmick says. Of course, you may be audited no matter what. There are a few things you can do when starting your business to make the experience less stressful.
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
James Dyson Created 5,127 Versions of a Product That Failed Before Finally Succeeding. His Tenacity Reveals a Secret of Entrepreneurship.
-
7 Meaningful Ways Your Business Can Honor Memorial Day
-
Breast Implants Left This Founder With Debilitating Symptoms, So She Launched an Intimate-Apparel Line That Goes Beyond Buzzwords
-
Kids in the Hall's Bruce McCulloch Says TikTok Is the New Punk Rock
-
'I Am Not a Diversity Quota,' Says the Founder Disrupting the Dessert Category
-
Memorial Day Is a Time for Remembrance, So What's With All the Mattress Sales?
-
Pharrell Williams, Contemporary Artist Nina Chanel Abney and Brand-Builder Shaun Neff Announce Launch of Game-Changing NFT Platform
