I heard this, and I know that when a government tax agency audits a business they do take up a lot of the time of the business operators.
If they do, how much? How do they quantify it?
2007-05-24 20:31:36 · 6 answers · asked by shano 2006 1 in Business & Finance ➔ Taxes ➔ United States
You will not be reimbursed for the time. However, the audit will be conducted in a manner that is convenient to you. for example, you can come inot their office, they can come to yours or to your home. But no reimbursement.
2007-05-24 23:36:05 · answer #1 · answered by extra_37 4 · 3⤊ 0⤋
The main reason that the IRS audits a business is that they either suspect that the business is not disclosing all the income that it should, or that some number on the tax return set off red flags with the IRS's computers. They certainly aren't going to re-imburse the business owner(s) for that, but as one of the other answerers indicated, they do try and make it as convenient as possible for the business.
2007-05-25 01:19:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Hah! No chance! If you're being audited the lost time is on you.
In most cases you'll have your accountant(s) and or lawyer(s) involved and you'll have to pay them out of your pocket as well. Those costs ARE legitimate business deductions, however, so not everything is lost.
2007-05-25 04:49:53 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 1⤋
I doubt it. The government doesn't seem to mind wasting peoples time.
2007-05-24 20:37:30 · answer #4 · answered by jzlsfjal 3 · 0⤊ 1⤋
Never listen to they!!! The government doesn't pay you for anything; they exist to make your life a living hell. Get it right, Heil Hitler!!!!!
2007-05-25 03:49:25 · answer #5 · answered by acmeraven 7 · 0⤊ 1⤋
No, it's not true.
2007-05-25 02:17:33 · answer #6 · answered by Judy 7 · 0⤊ 0⤋