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
Webinars
Provided by Insightsoftware
Further Reading
Ever wondered why Excel features a currency format as well as an accounting format? You’re not alone. The reason is, creating Exce...
Late or slow payments continue to stall progress for today’s finance teams. These delays often stem from large organizations renegotiatin...
A missed federal payroll tax deposit can trigger hefty penalties — they just went up on July 1. But a new IRS program could provid...
A change to U.S. tax policy might save your business hundreds of thousands of dollars — and most companies have no idea it exists.&nb...
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...
You can now file Form 1099 series information returns using the Information Returns Intake System (IRIS) online portal. Step one is enrolli...
