Scared by the prospect of an audit? This tax expert breaks down the various types of audits and the factors that may put you at risk.

The prospect of an audit is one of the most dreaded experiences any business owner may face. Audits can be a considerable time drain on owners and staff, cost a lot in professional fees, and result in owing additional taxes, penalties and interest. Fortunately, the risk of being audited is low, and even if selected, the type of audit may not be as onerous as feared.

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