Don't Wait for an IRS Audit Notice
Take Action Today!
“If you’re uncertain about the accuracy of your financial records, it’s best to take a proactive approach. Let the professional team at USFAAF conduct a thorough review, identify and correct discrepancies, and ensure that any necessary amendments are reported to the IRS and State authorities promptly. Taking action now can save you money, reduce stress, and prevent audits from extending beyond the statute of limitations.”
Benefits of Correcting on Your Own | USFAAF
Take advantage of programs like the IRS's Voluntary Disclosure Practice or Minnesota's Voluntary Disclosure Program.
The Risks of Waiting for an Audit
Waiting for the IRS or State to identify discrepancies in your financial records can have significant and far-reaching consequences
Higher Penalties
Audits often uncover more substantial issues, resulting in steeper fines, penalties, and accrued interest than if the errors were corrected proactively.
Loss of Negotiation Opportunity
When auditors identify discrepancies, your ability to negotiate favorable terms diminishes. You’ll have less flexibility to explain or amend errors on your terms.
Damage to Reputation
An audit can signal non-compliance, flagging your organization for ongoing scrutiny and potentially damaging trust with stakeholders, clients, or investors.
Resource Drain
Audits are time-intensive and costly, requiring staff and financial resources to gather documents, respond to inquiries, and manage the process—diverting focus from your daily operations.
Risk of Extended Audit Beyond the Statute of Limitations (7 Years)
By waiting for an audit to uncover discrepancies, you risk triggering an extension of the audit period beyond the typical three years. If fraud or substantial errors are suspected, the audit window can stretch to seven years or more, increasing your exposure to additional risks.
Audit Expansion to Other Businesses and Partners
Auditors may broaden their scope to include not only your business but also related entities, subsidiaries, and even the businesses of your partners. This can lead to widespread disruption, increased costs, and reputational harm across all parties involved.
Be Proactive, Not Reactive
At USFAAF, we help businesses to stay ahead of potential IRS and State audits by proactively identifying and correcting discrepancies. When you take control of your financial records now, you avoid unnecessary stress, save money, and maintain your credibility with tax authorities.
Contact USFAAF for a Free Pre-Audit Check
Don’t wait for the IRS or State to find errors in your financial records. Be proactive, save money, and avoid unnecessary stress.