taxes and paypal

[limaker]

The only thing that topped this week is this morning finding that since now we sell products online via paypal we are going to get an audit sometime within the next month. I guess paypal and our company are not getting alone or something but now I get to head into work tomorrow to help sort the mess. At least I get one night off this week!

[campclose]

Oh wow, that sounds like a good time - Not. Is the audit from PayPal or the IRS? Sounds like it will take some time to sort through anyway. Good luck with it.

[Blueskyy]

Yeah, that sounds like a load of fun. I read something last year about a new law where paypal transactions were going to be scrutinized in the name of stopping terrorism. I hope that is not what you are caught up in.

[hikingprincess]

Oh wow, that would really stink to be audited. I really hope that this audit goes quickly and that you don't have anything that causes anything worse.

[CozInCowtown]

Been audited a couple of times over the years.
I got 3 words for you if you own a business......CPA!! IMO this should be the first investment a new small business owner should make.
Never been as bad as everyone thinks, they just set down with the "box" and go through everything with my beancounter in the back office for an afternoon.
I actually got a few $$$ back last time, not much but better than that "Penalties and Interest" ripoff.
DC

[hippieP]

I have never been audited or in a work place when they did but my spouse has (this year too). It was a huge ordeal trying to deal with their audit too, it took a little over two weeks and it was insane for everyone in the work place. I would hate to go through that.

[Theosus]

Two words: cash only.

[dinosaur]

IRS audits aren't a big problem assuming you're running a legitimate business. There's one exception: the Compliance Audit. That one is a pain in the butt.