USA What are the general cost range of a financial tax audit for small business?

[Noelle]

I know the cost range has many variables, but I was wondering if there are different types of audit preparations and different costs associate with each. I am working in a small business.

 

[Drmdcpa]

Why does a small business need an audit?

 

[Noelle]

I was thinking in case IRS tracks the company financials or just for basic bookkeeping organization reasons.

 

[Drmdcpa]

Yeah um CPA prepared financial statement audit is useless in IRS audits.

Audits are expensive. Most small businesses do not get them. Some get a review or compilation which are lesser levels of CPA attestation services. But many do not even get those lower level attestation services.

 

[pndaccountants]

Most small-business owners would say one thing they would meticulously avoid if given the chance is a tax audit. But rather than living in fear of the unknown, let’s take a look at some of the most common triggers for a small-business tax audit.

 

[Drmdcpa]

We were not discussing tax audits. We were discussing attestation services.