Chicago Accounting Articles

IRS Audit Selection Process Chicago Illinois

Updated August 13, 2015   IRS Audit Selection Process Chicago Illinois   So your business has been selected for audit by The IRS. What do you do now?   Call or e-mail one of our specialists today.   Don’t panic. The Service is only doing its...

What is a Sales Tax Audit Chicago Illinois

Updated August 13, 2015   What is a Sales Tax Audit Chicago Illinois   By definition, an Audit is an examination of claims. The numbers that are put on the ST-1 or Sales and Use Return are claims.   Example:   We claim that we had $100,000 in...

IRS Audit Business Loss Chicago Illinois

Updated July 27, 2015   IRS Audit Business Loss Chicago Illinois   An IRS audit on a business’losses   If you are being audited on a business that produces consistent loses, you might be asking “Why would the IRS do such a silly...

IRS Audit Adjustment Chicago Illinois

Updated July 27, 2015   IRS Audit Adjustment Chicago Illinois   At the end of an Internal Revenue Service Audit, one would hope for what is called a “No Change” letter. This basically means that they haven’t found any material changes which...

Who Should Attend IRS Audit Chicago Illinois

Updated July 27, 2015   Who Should Attend IRS Audit Chicago Illinois   This depends on the type of audit, but generally we try to keep our clients away from the auditors.   In many instances, the auditor will need to tour the business being audited and...