What to Do If Your Business Is Audited
An audit can be a daunting experience for any business owner, but with preparation and the right professional assistance, you can navigate the process successfully. Here’s what to do if your business is audited—and how a tax lawyer can play a crucial role.
Review the Audit Notice and Gather Documentation
First, review the audit notice carefully. It will specify what aspects of your business are being examined, such as specific tax years, deductions, or income categories. Understanding the scope is essential for knowing what documentation you need to prepare. Gather all relevant records, including tax returns, receipts, payroll documents, and bank statements, ensuring they align with what was reported.
Get Organized and Be Cooperative
It’s important to stay organized and cooperative throughout the audit. Provide only the information requested, answer questions honestly, and avoid volunteering unnecessary details that could raise new concerns. It’s also wise to request an extension if you need more time to gather documents.
Hire a Tax Lawyer for Guidance
This is where a tax lawyer becomes invaluable. While an accountant can help you prepare documents, a tax lawyer brings legal knowledge to the table. They can interpret the law, advise on your rights, and will try to help you avoid inadvertently incriminating yourself during the audit.
Let Your Lawyer Work on Your Behalf
A tax lawyer can also handle all communication with the auditor, protecting you from potential missteps. If discrepancies are found, they can negotiate on your behalf to minimize penalties or additional tax liabilities. Should the audit results lead to further legal action or tax disputes, your lawyer can represent you in appeals or court proceedings.
Facing an Audit? Call St. Peter O’Brien Law Offices, P.C.
By working with a tax lawyer, you gain a professional advocate who ensures your compliance while safeguarding your business from unnecessary risks. With their guidance, you can face an audit confidently and focus on maintaining your business’s success.
If you are facing an audit in Missoula, MT, St. Peter O’Brien Law Offices, P.C. can offer support. Our tax lawyers will assist you through the process and provide legal guidance. Contact our office today.