What should a business do after an IRS audit is completed? The real world answer: prepare for other knocks on the door from the EDD and FTB. The agencies cooperate with one another, and immediately after one finishes an audit, you are required to provide the other with the results of the audit. The IRS will also be watching intently to see if you’ve learned anything from the experience. The likelihood of being audited in the future is directly related to the extent of corrections required in the present audit.
The experienced IRS audit and California tax attorneys at Allen Barron work with our clients to represent them during the audit to reduce the impact of the audit itself upon their organization and their personal and business checkbooks. Once the audit is completed, the last thing you want to do is go on about your business as if nothing happened. As part of the audit, we have corrected returns, provided extensive information and made restitution when necessary. It is important to document for the IRS that “we” have taken proactive action to change the underlying policies, procedures and practices that led to the audit in the first place.
One effective strategy is to provide the agency with an action plan for the future. We help our clients to prepare the agency for better results in the future by telling them what we intend to do to correct the mistakes of the past. We discuss the nature of the problem highlighted by the audit, what we intend to do about it and how we will not allow it to continue in the future. We provide thorough documentation to drive this point home with the IRS auditor. This often results in a more lenient resolution.
What should a business do after an IRS audit is completed? The IRS tax attorneys at Allen Barron will help you to develop and implement an action plan. Follow your action plan, and document everything. You can expect the IRS to come back and check in. You can also expect the FTB or the EDD to come knocking and it is best to show them you have learned from the experience. We are prepared to help you and represent and protect your interests if they do.
Are you facing a business audit? The experienced tax and audit attorneys at Allen Barron invite you to contact us or call today for a free consultation at 866-631-3470. Have you just completed an audit? Take action to prevent any further consequences and future visits from the tax authorities.
