How far back can the IRS audit a business?

Answer For a general audit, the statute of limitations is three years after the income tax return is filed. However, if fraud is discovered, the IRS can go back as far as need be in order to obtain necess... Read More »

Top Q&A For: How far back can the IRS audit a business

How to Avoid a Business Tax Audit?

With IRS audits on the rise, knowing how to avoid or resolve tax problems could save you money and protect your financial future. For anyone planning to start and/or grow your business, it is more ... Read More »

How to Audit Inventory for a Multinational Business?

The audit of inventory is an accounting process that seeks to ascertain the movement and consumption of a company's materials and finished products with the objective of identifying and reporting a... Read More »

Is an IRS tour of the business required of an audit?

According to the IRS, a tour of the business is a requirement during an audit. An auditor conducts a tour of the business facilities to confirm inventory, business size, number of employees and oth... Read More »

How many years can an IRS audit go back?

The IRS, or Internal Revenue Service, has the legal right to go back 3 years from when a return is filed. However, if more than 25 percent of a taxpayer's income is under-reported, the IRS can go b... Read More »