Have you gotten an audit letter from the IRS yet? The agency is auditing 2,000 companies this year at random as part of its Employment Tax National Research Project (NRP).
If you haven’t received an audit letter, that doesn’t mean you can relax. The IRS will continue performing 2,000 random audits each year through 2012. And even if your company never receives an audit letter, the results of the project will have far-reaching impact on all small businesses.
In its announcement of the NRP last November, the IRS said the audits will be “comprehensive.” This is the first NRP in 25 years; its purpose is to see how well businesses are complying with employment tax regulations, which have changed substantially in that time.
Continues at: How the New Wave of IRS Audits Will Affect Your Small Business : Money :: American Express OPEN Forum.
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