Monday, December 6, 2010

What I learned about Audits...

Good Morning!

This year several of my clients had Audits. One thing that I learned was that every Auditor was different and their thought processes on how they approached an audit was different, but what kept impressing upon me was the importance of keeping good records. Now, I know that this seems simple enough in theory, but in application its another story. I don't know how many conversations I have had with my clients to keep all of their receipts for 7 years. Keep Your Documentation! It will Save You Money in the long run! Store your Receipts a safe place! Organize them by Year, Type of Expense, Vendor and Type of Payment. Tax Payers, please put on your analytical thinking caps and say to yourself: If I was an Auditor would this fly with IRS? And if you can't say Yes! It's probably not deductible.

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