We’re Being Audited! Follow These Tips and Decrease the Stress

Opening an envelope from the IRS or the State Revenue Office that has the word ‘audit’ on it can easily send a business into panic mode, but it doesn’t have to. Audits by federal and state revenue agencies are performed on a regular basis, sometimes at random and sometimes with cause. Being selected to undergo an audit of your business will certainly put the details of your accounting system under scrutiny, but approaching the process calmly and in control can eliminate much of the stress that can accompany this added burden to your business operations. Here’s a few tips for taking the sting out of an audit notice.

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Tags: Accounting System, Audit Requirements, Audits, Business Operations, Business Owners, Challenges, Control, Cpa Firm, Financial Professionals, Initial Report, Irs Office, Opening An Envelope, Panic Mode, Process Control, Scrutiny, State Revenue Office, Sting, Stress, Time Don, Timeline

But HOW do You Make Sure Timing is Correct?

Last week we talked about timing and making sure that certain costs were entered when they are relevant. This is a very difficult territory for some and confusing for others.

I am going to try to make it simple (and I hope I’m able to do so!)
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Tags: Abc Inc, Accrual Accounting, Books, Business Income, Business Operations, Cash Basis Accounting, Graphic Designer, Invoice, Irs, January February March, Memory, Money, Pay Taxes, Small Businesses