3 ms·
I was much younger and not involved in the finances, but my family's business was audited 4(ish?) times in under a decade, which is essentially a "guilty under
by xboxnolifes 7y ago
I was much younger and not involved in the finances, but my family's business was audited 4(ish?) times in under a decade, which is essentially a "guilty under proven innocent" scenario where we had to prove we didn't owe the money ($50k+) that the IRS claimed we did or we had to pay it. Each audit was easily a hundred hours which we would always end up paying nothing or having the IRS owe us money in the end for.
Though, since I wasn't aware of our financials, for all I know my parents could have just been poorly keeping track of the numbers which led to these issues.