In a recent REF CEO Peer Group meeting, we had a question about the experience others had with an IRS Audit. We talked about the lessons learned from past experiences and these were a few of things I noted that you may not have considered but seemed important as we shared stories.
• Be nice, be nice, be nice. You need them to be nice back to you.
• Do a formal third-party audit annually. This shows your efforts to be accurate.
• Get input from a different CPA to see what your CPA may be missing. I suggest you contact Hannah Curtis for help with this.
• Don’t let this distract you. Let your team do most of the work. Stay focused.
• Don’t give the Auditors TOO nice a place to work while auditing you or they may like the place and stay even longer.
• Did I say be nice? Be nice.
The rest of the discussions I’m sure you already know about. As the CEO or owner of your company, you have enough things to worry about. The odds are you will be audited at some point so be prepared.
Is there one other tip you would add here? Comment below to help others learn from your experience.
Robert Hunt