“You are being audited.” It is a phrase that no business owner or executive wants to hear. However, it does not have to be a stressful and confusing ordeal, because you do not have to face it alone. The experienced business audit professionals at Whyte & Associates, Inc in Rancho Cucamonga are here to help!
What is an audit?
Your first questions might be what exactly an audit is and what is going to happen. The answer is: it depends. There are many types and levels of audits, with different processes and risk levels. A business audit may mean:
- Internal audit – This is a tool that companies use to assess their own compliance, profitability, and other factors. It is most common in large corporations and may be legally required.
- Franchise audit – This occurs when a franchisor audits a franchisee. Most often the goal is to verify that the franchisee is following corporate policies, paying fees appropriately, and performing strongly.
- IRS audit – The best known and most feared type of audit, the IRS may evaluate federal tax filings for the past several years. They are looking for errors or intentional inaccuracies that may have resulted in underpayment of taxes.
- State tax audit – This is very similar to an IRS audit, except it is conducted by state tax authorities. That is why accuracy is just as important on your state tax filings as it is at the federal level.
How we can help you prepare
In any audit, preparation is key. If you are wondering where to start, the answer is simple. Call us. We can help in a variety of ways, including:
- Advice about what types of documents and other verifications you may need to provide
- Identifying likely problems and preparing explanations if some documents are missing
- Organizing information and documentation so that whatever the auditor requests is readily available
- Representing you in dealings with the IRS
- Assisting and advising you in your communications with the auditor
- Much more
Take the fear out of audits
If you are being audited, do not panic. Instead, call Whyte & Associates, Inc at (909) 575-0080 and ask about our audit services.
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