article thumbnail

How far back can the IRS audit?

xendoo

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? Businesses can take steps to avoid triggering an audit.

audit 52
article thumbnail

How far back can the IRS audit?

xendoo

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? Businesses can take steps to avoid triggering an audit.

audit 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

IRS Audit Red Flags: How to Avoid Getting Tax Audited by the IRS

Snyder

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. In fact, according to the IRS data , only about 1 percent of taxpayers are facing an audit. percent of small businesses are getting tax audited. What is a tax audit? What does a tax audit mean? IRS tax audit process.

audit 98
article thumbnail

Lara Waldner Named Woman to Watch on Broadway by Broadway Women’s Fund

Withum

Withum is excited to share that Lara Waldner , CPA, Team Leader of the Theatre and Entertainment Services Team, has been named on the Broadway Women’s Fund list of Women to Watch on Broadway. The team’s leadership group alone boasts more than 100 combined years of experience in the Theatre and Entertainment space.

article thumbnail

SVOG Audit Requirements: SBA Provides Updated Guidance

Withum

SBA Clarifies Audit Requirements for Shuttered Venue Operators Grants. This additional information further clarifies the audit requirements for SVOG recipients. This additional information further clarifies the audit requirements for SVOG recipients. General Audit Items. SVOG Post-Application Guidance.

audit 64
article thumbnail

Finding Your Financial Compass: Why Small Businesses in Los Angeles Thrive with Specialized Tax and Accounting Support

MyIRSRelief

Here’s a glimpse into some of the prominent sectors and the tailored support a specialized tax and accounting firm can offer: Entertainment Industry: From bustling studios in Hollywood to independent production houses, the entertainment industry is a major player in LA.

Tax 130
article thumbnail

Update: SBA Clarifies Audit Requirements for Shuttered Venue Operators Grants

Withum

Over the past few months, the SBA has provided several audit-specific webinars for entities that have received an SVOG grant. The audit requirement is different for non-profit entities (referred to as non-Federal entities within 2 CFR 200) and for-profit entities. General Audit Items. Non-profit Entities.

audit 64