Tax audits require ample preparation

If your business is notified of an audit by the Internal Revenue Service, the first thing to do is determine what type of audit it is from the documents requested by the agency, says a Fort Collins certified public accountant.The IRS may want to audit the entire tax return or could audit just a portion of it — for example, meals and entertainment, automobile and travel expenses, said Kermit Allard, a local CPA.
If only a portion of the return is to be audited, Allard advises clients to bring only those records pertaining to that part of the return…