Ask any businessman or businesswomen and they would tell you that a Tax Audit is part of the cost of operating a business. The trouble could be minor if the audit and accounting is limited to certain records and parts and it could be a major burden if the audit and accounting involves the complete business review over several years.

When a business is notified of a Tax Audit, the Tax Department may list out what parts of the Corporate or Personal Income Tax returns and financial statements they will be scrutinizing. It is meant to let you collect all the relevant and related documents related to their Tax Review scope. This is the time for you to consider whether you are qualified to handle a Tax Audit.  You can represent yourself or you might consider hiring Tax Accountants, such as HENDRICKS & ASSOCIATES, CPA, CGAs.  It is advisable to hire a professional expert in income tax laws, who have experience with Tax Audits and working with the Tax Department’s requirement to prove you have reported all your income and business expenses correctly.

If you are representing yourself and find some problem during the Tax Audit and Accounting review process, you can invoke the taxpayer Bill of Rights.  This law permits you to request for the suspension of the Tax Audit until you have a reasonable opportunity to consult a Certified General Accountant (CGA), Certified Public Accountant (CPA) or a tax attorney who can properly represent you during the Tax Audit and Accounting review. It is true that it would cost you money to get such representation, but an efficient and effective Tax Audit will save a lot of time, headaches and money, thereby paying for itself.  The benefits in saving you money far out ways the cost of hiring HENDRICKS & ASSOCIATES, CPA, CGAs for your Tax Audit.