We have noticed that more and more the IRS is requiring small business folks to furnish them a copy of their Quickbooks file. While they are in their rights to do so steps can be taken to protect you. Never, ever give them a copy of all years. They typically only request one year, so just furnish them that. This will prevent an auditor to go “fishing” in your records. If you are unsure of how to do this call us and we can guide through the process.
And speaking of the IRS we are seeing an increase in notices requesting more information regarding your return and disputing deductions. Remember, time is of the essence to respond. They don’t go away, they just become more tenacious.