Why getting audited can be a good thing for your business

📆 07/04/2019 03:15 p. m.
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Getting audited can be beneficial for your business.

For businesses filing their taxes, getting audited can actually be a good thing, says Sheila Brandenberg, a New York-based CPA.

A tax audit involves the IRS or a state tax agent double-checking your business numbers and tax forms to make sure there aren’t any discrepancies. Brandenburg says businesses are chosen at random through a computer lottery to get audited but the chances of getting audited are still small: according to the IRS, taxpayers have a 0.6% chance of being audited. Small businesses have a 0.7% chance of being audited.

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