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You open the mailbox and there it is…
That dreaded letter from the IRS informing you that you’re going to be the target of a comprehensive audit. Ouch!
(By the way, the stiff drink you gulp down, and the adult diapers you purchase, are NOT deductible!)
Are you prepared for your audit?
Your IRS agent sure is!
He or she doesn’t just breeze into your interview.
In order to help IRS examiners understand your business and know how to conduct an on-target investigation, the IRS publishes a series of “IRS Audit Technique Guides.” (ATGs)
Here’s how IRS Audit Technique Guides
help your friendly auditor.
Each guide deals with a specific type of business which shows your auditor how to ask the right questions, probe for inaccuracies in your returns, identify unpaid taxes, find out where the financial bodies are buried, and much more.
Currently, the IRS publishes Audit Technique Guides that cover about fifty industries.
They deal with businesses from retail liquor stores, to online retail operations, to car dealerships, and many more.
Here’s good news for you.
Audit Technique Guides are not top secret. In fact, the ATGs are published on the IRS website and are available as PDF documents, web pages, or both.
Because the IRS is showing you what’s behind the kimono, you can learn what the IRS is looking for and prepare for your audit.
You’ll also be able to use that information
to improve your business practices.
ATGs do help auditors know what to look for when they examine your business.
But this information can also help you…
- Avoid costly audit problems
- Learn procedures and techniques that can better structure and strengthen your business
This ATG information can help you improve your:
- Business operations
- Inventory valuation
- Control procedures
- Cash on hand
- Personal expenditures… and more.
The bottom line?
If you want to find out how to reduce the impact of an audit and learn how to put your business on a stronger foundations…