Are You Being Audited by the IRS?

Are You Being Audited by the IRS?

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As we approach 1099 season, it's crucial to have a risk mitigation plan in place to deal with the potential for an audit. Generally, IRS examiners will review the systems and procedures in place to meet your tax obligations, specifically your Form 1099 and 1042-S processes.

Evidence of good-faith attempts to comply with reporting and withholding requirements can go a long way to limiting your exposure. But do you know enough to make such an attempt?

Fill out the form on the right to learn the five things AP departments need to have nailed down -- and the six things the IRS will ask for -- if it initiates an audit.

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