Therapy For Your Money
Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.
Therapy For Your Money
Episode 42: What kind of audits are out there?
•
Julie Herres
•
Season 2
•
Episode 42
Audits are COMPLICATED. There are a number of audits that can be performed at the local, state, and federal levels, and Julie is here to break them down. Today's episode gives you the 4-1-1 on different kinds of audits, steps to take when you're being audited, and some info on how to avoid a scam audit.
As always, we recommend consulting with a CPA, an EA, or a tax attorney for any legal advice.
Episode Highlights:
- What are some common types of audits?
- Worker Classification Audit - employee v. contractor
- Income Tax Audit - matching 1099s and W2s against your tax forms
- Income Tax Audits are the most common audits
- Unemployment Audit - former employee/contractor has filed for unemployment
- Worker's Compensation Audit - employee/contractor has filed for worker's compensation
- What should you do if you are under an audit?
- Don't let the notices pile up!
- Open all mail you receive from the IRS and read through it carefully
- Most mail from the IRS will include action items and deadlines to complete the action items
- Find appropriate representation
- Contact a CPA, EA, or tax attorney
- The right representation can help guide you and provide best practices
- Find representation with audit experience
- Respond to the IRS correctly and on time
- Your representation can assist you with this
- Appeal any incorrect findings discovered during the audit
- Don't let the notices pile up!
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast