05/04/2021

Don't Invite an Audit From the IRS

Five common red flags

In large and small companies alike, the prospect of an IRS audit sends shivers down the spine. Sometimes an audit is simply the product of poor luck and random chance. But in other cases, something in the filing process raises concern.

Thorough, accurate recordkeeping proves the best defense should a tax person come knocking on the door. However, the ideal scenario, of course, is to avoid becoming the subject of an audit to begin with. While you can’t eliminate all risk of audit, you can decrease it.

There are five common red flags companies should watch out for or risk raising the alarm at the IRS. 

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