
How to survive an IRS audit
Money Management | Of all the audits your practice can be subjected to a tax audit is the most fearsome—despite the fact that fewer than 5 percent of businesses, practices, or professionals are targeted each year. While it’s too early to predict what effect any tax legislation in 2017 will have on the tax picture of your practice—or its principals—one thing is certain: There is a greater likelihood that those already-filed tax returns will face more scrutiny. Fortunately, there is some maneuvering room that may help reduce the odds of your practice being targeted for an audit.