From the course: Taxes and Accounting for Music
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What happens at an audit?
From the course: Taxes and Accounting for Music
What happens at an audit?
- If you are selected for a field audit, in which an IRS auditor meets with you either at IRS offices or at your place of business, you will receive a letter explaining the reasons for the audit, and you'll be told which elements of your return are subject to investigation and what specific documentation is required at the audit. Keep in mind that the IRS has to have specific reasons for its investigation, and can't use the audit as a pretext for inquiring about other unrelated items. You should have a tax professional accompany you at the hearing. You may be hesitant to pay for such services, but it's very likely that it will be worth the money. The interview. Like all field audits, a music business tax audit starts with an interview. Expect to be asked about the roles you play in the music industry. Whether you are self employed, whether you've been examined previously, as well as your sources of music income and how they're reported. There may be preliminary questions about…
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