Audit Tips from Corporate Business Solutions

CHICAGO - Sept. 20, 2016 - PRLog -- Corporate Business Solutions is a full-service business development group and general management consulting firm focused on small and medium-size privately-held companies in North America. We help small and medium-size businesses achieve profitable growth by accessing critical knowledge and expertise.  Our business consultants may advise business owners on preparing for an audit through one of our affiliated companies.

If you're a small business owner preparing for an audit, here are some general tips that may help you:

• Financial Documentation – It's best to have all records ready and organized; the auditor may interpret unorganized files as proof of hasty accounting and want to look further. Expect the auditor to look closely at financial records starting with your tax return for the year under review. He/she will also look at the preceding and following years to see if your accounting is consistent. Beyond that, the auditor may ask for any supporting documentation, such as receipts and credit card statements, which confirm your business spending.
• Assessment - A field audit gives the auditor a chance to inspect your operation. Touring your location allows the auditor to determine the size of your business, which may be necessary to accept your deductions for business overhead. Visiting you in your home office shows whether that room is really dedicated to business or just a seat in the living room. He / she may also want to meet with key employees to review accounting procedures or payroll taxes.
• Special Interest - Any "listed property" assets, such as a car or cell phone you use part time for business, will most likely be reviewed carefully to see if you're claiming more business use than you can justify. Travel and entertainment deductions may also be reviewed very systematically.
• Final Result - After reviewing your returns and records, the auditor often holds a closing conference to share conclusions. You don't have to agree with the conclusions or legal interpretations. If you have any doubts, ask for more time to review her findings before deciding whether to sign off on the audit or appeal it.

About Corporate Business Solutions

Corporate Business Solutions LLC is a trusted resource for business owners. We bring about positive change for small to medium-size businesses in the United States through our knowledge, experience, technology and an unrivaled commitment to providing customer service. We take pride knowing that no other firm has a more qualified staff to provide you with business analytics, consulting and strategic tax planning projects.  The experts at Corporate Business Solutions strive to maintain the highest level of technical expertise through a broad spectrum of internal and external training and interactive client assignments.  For more information, visit https://corporatebusinesssolutions.wordpress.com/.