PEMBROKE, Mass. — You open a letter from the IRS: You are being audited. A shock goes through your body. Your hands begin to shake. The timing couldn’t be worse. You’ve got a half-dozen projects going on. “Why me?” you ask. Then your mind pictures what it would be like to languish in jail.
Don’t panic. An audit doesn’t necessarily mean there is suspicion that you aren’t being forthright. A portion of all business audits are random selections. Furthermore, an audit doesn’t mean that you will have to pay a large bill. About 25% of audits result in dismissal. Satisfy the auditor and you probably won’t be bothered for many years.
