IRS Audit Update

As you may remember, the company has been undergoing an audit by the IRS, initiated in early February. At the time of our first meeting, the auditor stated that his goal was to be complete by the end of June. Everyone in the meeting acted like this was "fast track" and that it would be achievable if everything went well and if things were turned around timely. I thought it a slight joke. Slight. I mean, really, over four months to conduct an audit? UGH.

So here we are four months later. We had probably the second to the last meeting with the auditor and his manager today. It lasted 40 minutes. That's all. Our accountants put together the agenda, led the meeting and held the floor most of the time. We were not going to let the IRS dictate the meeting.

The end result is perhaps $100,000 in adjustments, not all of which will be direct adjustments. We scored some major victories and will likely walk away with few adjustments than most companies are size. I am cautiously optimistic. I will hold on until the final adjustment notice, which I hope to see in about two weeks.

In the meantime, I have pleasantly surprised.