Receiving a tax audit letter from the Internal Revenue Service (IRS) can be unsettling. You've worked hard to build your business, and facing an audit can be overwhelming. What will the process entail? This blog post outlines the possible outcomes of the audit. After...
IRS Audits
Preparing for an IRS audit: A guide for consultants and independent contractors
The prospect of an IRS audit can be daunting as a consultant or independent contractor. However, with proper preparation, you can go through this process confidently. Understanding how to prepare for an IRS audit and what steps you should take to ensure a smoother...
The IRS is increasing audit activity
Most people dread having to deal with the Internal Revenue Service (IRS), but a recent announcement by the agency implies that more people will soon have to do just that. Additional funding by the Inflation Reduction Act (IRA) enables the IRS to increase audits to...
Getting ready for a Georgia tax audit
Many people are fearful of the Internal Revenue Service (IRS). Even mentioning those three letters is enough to cause some people anxiety. They say the worst that can happen is to receive notice that there is going to be a tax audit. An audit by the IRS doesn’t...
The likelihood of experiencing an IRS audit
One of the most complex issues that an individual or small business will experience is a problem with the Internal Revenue Service. It can be incredibly intimidating to receive notice that IRS will conduct an audit, and one may assume that this guarantees a...
How to prepare for an IRS audit
If you’re among taxpayers in Georgia who owe more than $50,000 and the IRS is investigating your finances, it is understandable that you might feel overwhelmed and worried about the potential outcome of an investigation. You might have land or assets overseas, trusts...
What do independent contractors need to know about taxes?
There are a lot of benefits that come with a role as an independent contractor. You can often make your own hours and decide which projects you take on and which you turn down. This ability to be your own boss, to not have an employer, comes with a high level of...
4 things that raise the risk the IRS will audit your small business
We recently shared a post about six red flags the IRS looks for when deciding which small businesses to audit. You can read the post here. In this follow-up post, we will discuss four more things that many small business owners in Atlanta do that increase the risk of...
What can trigger a high-stakes IRS tax audit?
Does the thought of a tax audit by the Internal Revenue Service (IRS) fill you with dread? You are not alone in your concerns over the possibility of an audit, as most other people feel the same way. The stakes are high for those with complex finances (multiple income...
What prompts an IRS tax audit of a small business?
As a small business owner, you feel you are doing everything right. You keep comprehensive records, pay taxes and are responsible overall. Yet something has piqued the IRS’ interest in you. They tell you they are planning an audit of your business soon. You are...