Can someone explain to me...? :-)

[WillJ8787]

If you have ever had an audit as a corporation, you would understand that audits are not to be feared. An annual audit is part of the price of business.

The corporation has the books, accountants, lawyers and internal Tax structure , which is designed explicitly for being audited complete with itemised code rulings for deductions etc.

Unlike when the IRS audits an individual filer. Who has his employment records, and deductions and little knowledge of the Tax codes.

Right! Large Companies and all Non-profits undergo yearly independent audits. It is a part of doing business and as a way to assure Board of Directors, Stock Holders, the public that they are legit.

 

[Fuzzy1975]

Right! Large Companies and all Non-profits undergo yearly independent audits. It is a part of doing business and as a way to assure Board of Directors, Stock Holders, the public that they are legit.

Not only that, but if you are a publicly trade corporation, you also need to have whole slew of internal reporting and compliance and accounting to meet the SEC regulations.

Little people fear Audits, corporations just view them as a line item.