An audit is one of the business-related processes that business owners want to avoid at all costs. Underpayments, excessive deductions and miscalculations can alert the IRS at any time and order an audit. Internal auditing and proper bookkeeping should be in place as soon as your business gets off the ground and creating good audit trail practices will ensure that you can avoid an audit. Take a look at some of the tips below on how to protect your business against an audit.
It is good business practice to maintain the services of a good business attorney to help you in the legal aspects of business transactions and taxation. You should have an external auditor to go over your accounting records annually. This will help to countercheck all your financial records and help you to streamline your accounting process.
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