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If you are being audited as an individual, and you are the President of a Corporation,can the IRS audit it?

If I am being aduited as an individual, and I am the President of a Corporation, can the IRS audit the Corporation as well?

If they find a problem with your individual return, would they automatically aduit the Corporation?

And if we’re talking a small S-corp with several shareholders, the audit can spill over to the other shareholders as well.

If the IRS audits your 1040 and has no problem with it, the audit would probably stop there.

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This entry was posted on Wednesday, March 31st, 2010 at 11:32 pm and is filed under IRS Audits. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Comments »

  1. Comment by ifilmu — March 31, 2010 @ 10:51 pm

    The IRS can audit Companies, Corporation or Individuals anyutime they want for anyu reason, but I believe they have to notify you of this, but yes then ccan audt anyone at anytime
    References :

  2. Comment by Earth: The Connected Home — March 31, 2010 @ 11:27 pm

    It’s totally up to them. Whether or not they go after your corp. would depend heavily on what they find in your personal records I would think.
    References :

  3. Comment by DRS — March 31, 2010 @ 11:58 pm

    Yes, the IRS can do pretty much whatever they choose…audit persons or companies or both at the same time at any time they choose……and you have no recourse with them….only to comply with their requests. I’ve been putting it this way lately:
    "Uncle Sam WILL get his money!"
    References :

  4. Comment by Judy — April 1, 2010 @ 12:30 am

    They can audit anything they want to. If problems with your individual return are related to the corporate return, then they’d pretty surely audit that too. They might anyway.

    If you’ve cheated, you are probably toast. If you’ve filed everything honestly, you should be OK.
    References :

  5. Comment by v b — April 1, 2010 @ 1:06 am

    And if we’re talking a small S-corp with several shareholders, the audit can spill over to the other shareholders as well.

    If the IRS audits your 1040 and has no problem with it, the audit would probably stop there.
    References :

  6. Pingback by Revenue Canada Personal Tax Audit? | Tax Offer Compromise — April 1, 2010 @ 3:34 pm

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