Tax & Insurance Audits
Federal IRS Audits & Notices
Our audit record with the IRS is great in two areas.
- Very few of our clients are actually selected for an IRS audit. Maybe one every three years. Almost all of the audits that we handle are for new clients regarding returns we did not prepare.
- The results of audits that we do handle have been very good. It is not unusual for the results to be a “No Additional Tax Owed”.
Individual audits are very uncommon and are generally for 1 year. Business audits are generally for 2 years. If you receive an IRS audit notice you should immediately send it to Greg Launhardt. We will prepare a “Power of Attorney” and contact the IRS on your behalf.
A “Notice of Proposed Changes” is not the same as an audit. It is simply a notice that the amounts reported to the IRS by third parties do not match your tax return. In most cases it is a missing interest income amount or a missed stock sale. If you receive this type of notice, send it to Greg and he will call you to get the missing information. This type of notice is generally handled very quickly through the mail.
Missouri does not audit income tax returns. The state lets the IRS do it for them. Missouri does audit businesses for sales tax, use tax, withholding tax and unemployment tax.
These audits are randomly selected and will generally go back at least three years.
We have an excellent reputation with the Missouri auditors and these audits are generally conducted at our office with minimal disruption of your business.
If you receive a Missouri audit notice you should immediately send it to Terri Launhardt.
The most common insurance audit is a Workmans Compensation Audit. Almost every business will eventually have one of these audits. They can be quickly and efficiently handled for you at our office.