No More Headaches: alliantgroup's Business Guide to Avoiding Costly Mistakes with the IRS

We here at alliantgroup know that dealing with the IRS can be unpleasant, but being unprepared for such interactions can lead to problems for your business. While many business owners have long-established relationships with trusted tax advisors, they are often not adequately prepared for an IRS audit, and they frequently fail to take advantage of opportunities available to them when filing. Why do these expensive mistakes occur, and what can be done to avoid them?

One common cause of these issues is poor communication between business owners and their tax advisors. Businesses can change a lot year to year, and their owners are typically too busy to fully consider the ways in which these changes affect their eligibility for government incentives, like the Research and Development Tax Credit that has inspired the work of alliantgroup. Clear communication between you and your tax advisor can help prevent missed opportunities for your business.

Keep in mind that you may be entitled to a claim even if that claim was unsuccessful in previous tax years. Instead of practicing self-censorship, businesses can alleviate the stress of a potential IRS audit by exercising audit readiness. This means keeping your financial records organized and easily accessible.

Ultimately, tax advisors are only as good as the information they're provided. It's important to ask your advisor about developments in tax law and give details regarding operational changes that may affect your tax returns. Outside of partnering with alliantgroup, establishing effective communication with a tax advisor and being ready for an audit are some of the best ways to save your business time and money when dealing with the IRS.