I made some mistakes that I caught when gathering my receipts for the audit. minor mistakes like 20 too much on advertising, contractor payments, and insurance. But i also made more significant mistakes like actual insurance cost was 600 higher than i originally reported (as in i said insurance cost was 2000 but was actually 2600). Should I lay this all out in a cover letter? or do i just give the receipts and let them figure it out? Thank you in advance
NY tax audit for small business- should i clearly lay out the mistakes I made in a table for the auditor?
byu/ComfortableCan6818 intax
Posted by ComfortableCan6818
1 Comment
I’m an auditor, but not for NYS. I love when taxpayers “reconcile” their own numbers to their receipts.
You could easily do it in excel, one column for reported numbers and then another column next to it with updated numbers with justifiable receipts.
Makes my job simpler than trying to figure out why numbers don’t reconcile by myself