Audit. It may be one of the most frightening words you’ll ever hear, and when the discussion is about your business, it’s even worse. Taxes are always a hassle, but there’s a definite sigh of relief once they’re filed and taken care of. That makes an audit even worse, because just when you thought you were done, you have to defend yourself to the IRS.
While more than a million audits are conducted yearly, that only accounts for roughly 1% of people who filed tax returns. Luckily, data shows that small businesses are fairly low on the audit list, but it does help to know what you may be getting into.
Check out this infographic to learn more about the auditing process…
