Do not panic if you receive notice from the IRS that your business will need to undergo a tax audit in Morton IL. Getting a tax audit does not automatically mean your business did anything wrong. In most cases, audits often happen because the IRS suspects your business made some sort of reporting error. Several mistakes can trigger an IRS flag on business tax returns. However, the most common causes for a tax audit include the following:
Martin Hood accountants can help if your business is being audited. Our accounting firm has worked on countless business tax audits over the past 40 years. Our services can detect any errors in your financial information and keep your reporting data compliant with federal and state regulations. Contact us to request assistance with your tax audit in Morton IL. Also, continue reading for tips on how to handle a tax audit.
Understanding what information the IRS needs from your business is one of the first steps in handling a tax audit in Morton IL. It is important not to ignore or delay a response to an audit letter. The IRS auditor may think your company has something to hide if your business makes an antagonistic response to the audit letter. If you do not already have a dedicated financial advisor, this would be an excellent time to reach out to Martin Hood. Our professionals can review the audit letter and identify the reasons why the IRS flagged your tax return.
Martin Hood tax professionals can also help you organize records to prepare for a tax audit in Morton IL. We can help you to make sure your business provides the IRS all the documents they have requested to see. This phase can take a lot of time. However, your business operations do not need to suffer with help from our accounting firm. We can help you organize the following records:
Many businesses make the mistake of volunteering too much information when auditors ask questions during a tax audit in Morton IL. Often, this can lead to the IRS to audit tax returns from prior years in an attempt to find more reporting errors. Auditors will ask lots of questions. It is important to provide only the information the IRS requested. Volunteering further information can lead to additional issues and concerns from the IRS. Let Martin Hood tax professionals assist you with an audit to help you avoid sharing too much information.
You can let Martin Hood tax professionals do the talking for your business during a tax audit in Morton IL. That way, you can save some stress and not worry so much about what you might say to an auditor. In many cases, small business owners can become hostile or defensive during the audit process. Remember, an auditor will not forgive or excuse any mistakes or admissions of reporting errors. Any information that your business volunteers that shows mistakes were made can be used against you. Plus, an antagonistic approach against an auditor can lead to further issues. With Martin Hood representing you, we can take a calm and objective approach to lead your business through the audit.
Martin Hood CPAs know just what to do to help navigate your business through a tax audit in Morton IL. Give us a call at 309-220-5519 if you have received an audit letter and need help with the next steps your business needs to take. For your convenience, you also can request a consultation through our website.