An IRS audit can be a terminal event for a small business, especially if it’s found to have underpaid its tax liability. Beyond the direct costs of paying owed taxes, audits impose operational costs that may threaten a company’s ability to stay in business, according to a new Texas McCombs study. But the study also found that tax audits can have side benefits, causing companies to make changes to improve their tax efficiency.
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Source: Phys.org