IRS audits: When Finance gives too much info away
When IRS comes knocking, it’s in your best interest to be as cooperative as possible. But it’s important not to give auditors too much without being asked for it.
In fact, many smaller companies give the IRS too much info, which ultimately drags the audit process on for longer than it has to be.
That’s according to the American Institute of Certified Public Accountants (AICPA).
Small companies that rely on manual finance processes have a more difficult time picking out the specific info IRS wants. As a result, many end up giving the feds more than they actually need (e.g., details of transactions outside of the audit period, vendor lists, etc.)
To help remedy the situation, the AICPA has teamed up with the IRS to create guidance for businesses on submitting more specific audit info.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
White Papers
Provided by UJET
Further Reading
Full disclosure: We never know for certain which topics will grab the attention of CFOs, controllers and other finance professionals. O...
College students can’t stand the 150 credit hour requirement to sit for the CPA exam. Employers are desperate to find the next wave o...
Fewer college students are willing to put in the time and money to become accountants. Finance professionals are concerned about the dwindl...
Despite how important monthly financial close is, many companies still struggle to close their books within one workweek, according to a su...
In a matter of months, companies will possess first-ever guidelines for environmental credit accounting. Public and private firms will be r...
Public companies expect third-party audits to be thorough and accurate. Many aren’t getting the results they expect. The Public Co...
