Small Businesses Need Not Fear Audits, But Avoid IRS Attention to Returns

Transport Topics,  March, 2008  by Rosenberg, Joyce M

Tags: audit, Internal Revenue Service

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Analysis

NEW YORK - Many small business owners live in fear of an audit by the Internal Revenue Service, but the reality is that relatively few will ever have to go through an exhaustive examination of dieir books, invoices and receipts. What's more likely is that they'll catch the notice of 1RS employees with omissions or mistakes or by claiming too much for deductions such as entertainment or home office expenses.

"If your aridimetic is wrong, or your calculations are wrong, those are the types of things diat create inconsistencies and often create exams that you don't need," said ...

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