Now that weather is getting nicer and temperatures are above seventy degrees, people are going to want to do more work on their homes. As people in the construction business this means your business will increase dramatically in the next few months. This is great news! However, this means more paperwork and a busier team and it’s important not to slack on the duties that are necessary.
Did you know that even though audit rates are decreasing the IRS is still paying close attention to small business owners and professions related to real estate? This means that as construction workers you have an increased chance of getting audited.
So it is important that you do everything by the book and don’t cut corners because you never know if the IRS will audit your company. But if you do get audited here are a few tips on what to do.
Hopefully you won’t be audited anytime soon, especially while construction businesses are getting busier, but in case you do follow these easy tips that will make your audit one of the easiest in IRS history.
Kate Hyland Mercer founded Business Concepts, Inc. in 2002 to serve small and medium sized companies progress successfully into the next stage of their business. Business Concepts, Inc. works with many businesses in various fields including contracting, banking and finance, legal professionals, and media and marketing.