Audit Assistance
The goal of a financial audit is to look into a person or corporations financial records and determine whether or not they are correct.
At Ashcraft Business Advisors we both conduct audits as well as provide audit assistance.
As a taxpaying citizen or corporation, audit assistance can be vital when collecting the records, statements, and data required for an audit to take place. We have assisted multiple clients in gathering and providing the information necessary for an audit, making the auditing process less stressful and more efficient for all parties involved.
Other Services
Tangible Property Returns
Tangible Property Returns
Tangible Property Returns
The state of Florida requires all businesses to file a tangible property tax return. We file tangible property tax returns yearly for our clients and can do the same for you.
Corporate Returns (1120S)
Tangible Property Returns
Tangible Property Returns
Our CPAs are highly skilled and file corporate tax returns yearly for our business entity clients. As your business’ new CPA, we could do the same for you.
Financial Statements
Tangible Property Returns
Financial Statements
We specialize in creating financial statements for our clients business or personal needs.
Audit Assistance FAQs
Would the IRS contact me or my tax preparer via e-mail to initiate an audit?
Contact involving selection for an audit is made by mail or telephone only as per disclosure requirements. The IRS does not set up initial appointments through email.
Will filing an amended return affect the return selection procedure?
The selection process of the original return is not affected when you file an amended return. Amended returns however do go through a screening process and may be selected for audit.
Why was my tax return chosen for audit?
When returns are filed they are classified, grouped, and compared to “norms” of similar returns in their grouping.These “norms” are developed from audits performed on a valid sample of statistically correct returns. Afterwards the return is reviewed by an experienced auditor and either accepted and filed or forwarded to an examining group where it is reviewed by a manager.Following the review, the return is either accepted or assigned to an auditor. The auditor then reviews the return and either accepts and files it or contacts the taxpayer to schedule an appointment.
Where are audits held?
Where an audit is held varies depending on the type of audit conducted.Correspondence Audit: An audit is conducted by mail when a taxpayer receives a letter from the IRS requesting additional information about certain items shown on the tax return.In-Person Audits: In person audits are conducted at an IRS office or at the taxpayers business location.
Can my audit be conducted at the IRS office instead of at my office?
Audits scheduled to be performed at your location are typically conducted wherever books and records are located. Taxpayers may request to have the audit relocated, but requests are not always approved.
Can the audit be transferred to another IRS office?
Requests for the transfer of an audit may be made if the taxpayer has moved or relocated. Factors such as location of the books and records are maintained, business location, and location of the taxpayer are taken into account. If the audit is to be held via correspondence and the books are not mailable, requests for an in person audit can be made.
How long should records for a business or other long-term asset be kept?
Records related to assets should be retained for as long as the taxpayer keeps the asset plus three years.
How long should I keep payroll records?
Generally, payroll records should be kept for six years along with a review of the records.
After the audit is completed, will a review be conducted to ensure the audit findings are accurate?
Cases can be reviewed by the managing auditor during the audit or after the audit is completed. If errors are discovered, the taxpayer will be contacted by the manager and advised about the suggested correction and the possible impact on the tax due.
What should I do if its time for my appointment and I'm not ready?
If you do not currently have all of the required information, contact your auditor to review the information that you currently have. Audits could continue on as scheduled with whatever information is currently available.
When conducting an audit on my return how far back can the IRS go?
The IRS typically schedules audits on returns that have been filed within the last three years, however additional years may be added when substantial errors are discovered. Generally however the IRS does not go back further than six years.