The Auditors Are Coming, The Auditors Are Coming
We are knee deep in preparations for our annual fiscal year end audit. Then, yesterday, my father in law receives a phone message from the IRS. He forwarded it to me. I called this morning. A very nice man answered and told me that he will be conducting an audit of the company's most recent year end tax return.
HOLY CRAP
What is surprising is that this was not done three years go when we restated financials in a majorly bad way - from $1.5 million equity to negative $1.5 million - and resubmitted tax returns for the previous 3 years. So, in a way, we have been living on borrowed time.
I am waiting to receive the initial request of documentation to see exactly what we need to provide. For some reason, possibly out of ignorance, I am not nervous yet. I am sure I will become ever more anxious as I start to understand the implications.
Anyone been through this?
HOLY CRAP
What is surprising is that this was not done three years go when we restated financials in a majorly bad way - from $1.5 million equity to negative $1.5 million - and resubmitted tax returns for the previous 3 years. So, in a way, we have been living on borrowed time.
I am waiting to receive the initial request of documentation to see exactly what we need to provide. For some reason, possibly out of ignorance, I am not nervous yet. I am sure I will become ever more anxious as I start to understand the implications.
Anyone been through this?
2 Comments:
I would be in full on panic mode but I am sure you have all the documentation you need to sail through it. I filed our relatively straight forward personal taxes last night and said a little prayer before I pushed send.
I would be panicking too - but I panic when I GO ON VACATION for cripes sake, so just ignore me. I am sure it will all be OK. Finger's crossed!!
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