3 Viable Reasons to Work with an IRS Representative When Facing a Company Audit

If your business is facing an audit, you may begin to worry that your operations will come to a halt altogether. After all, the IRS is a serious organization you don't want to mess with. So that you deal with this audit appropriately, consider working with an IRS representative. They can help you in the following ways. 

Analyze Financial Documents 

When responding to an audit, you have to get files and files of paperwork organized for those conducting the audit. Getting these documents ready can be unnerving, and the last thing you want to do is make a mistake.

Well, an IRS representative can assist with this documentation. They'll retrieve financial files that are in question and analyze them to make sure reporting practices are correct and factually accurate. Then when the IRS does conduct their investigation, you can feel confident that you did everything by the book. If errors are identified during the representative's document analysis, at least you'll know and can prepare accordingly.

Communicate with Tax Authorities 

Talking with entities that work for the IRS can be a little intimidating. You may make a mistake and put your company in a lot of trouble with the IRS. So that you don't say the wrong thing or even have to worry about these IRS parties, you should hire an IRS representative. 

They'll handle all communications with tax authorities, saving you time and stress. If any important court dates or meetings come up, your IRS representative will keep you informed. All you have to do is follow their advice when coordinating with IRS authorities. 

Establish Reasonable Payment Plans 

If the audit does show that your company owes the government money, you don't have to panic. All you need to do is hire an IRS representative as soon as possible. They'll do everything they can to work out a reasonable payment plan. This plan will be developed based on the amount of income and assets your company brings in. You thus might still be able to keep operations running, all while paying back the IRS money that they're owed. IRS representatives have exceptional negotiating skills as well, so you can rest assured the payment plan is feasible long-term. 

Dealing with a company audit may send you into a frenzy. This is quite a normal reaction, but you don't have to close your business for good. You should instead respond to this audit by hiring an IRS representative. They'll ensure this audit goes smoothly and prevent your company from getting taken advantage of.

Contact an IRS representation service like Joseph Hanlon CPA for more information.