Georgia entrepreneurs may be interested to learn that one business owner came out of an audit with more than $100,000 from the IRS. An audit does not necessarily mean that the IRS will find something in the government's favor. In this particular case, the man had hired a new tax team and learned that he could have been entitled to refunds of approximately $102,000 from the IRS over the past few years. When he filed amended returns, the IRS responded with an audit.
Some companies in Georgia may have experience with IRS business audits. Although these audits have the potential to be stressful experiences for business owners, it may be possible to mitigate their operational impact through careful preparation and planning.
For Georgia businesses, a tax audit can be a difficult experience. However, there are some ways that a company might try to avoid attracting undue attention from tax authorities.