There is no denying the fact that the typical accountant plays an incredibly important role, no matter what part of the country they might work in. And come tax season, many individual people will clearly be able to tell you about the importance of this role. Accountants help us to manage our finances and to stay on top of our taxes to avoid accidentally missing essential tax payments. Of course, accountants also help us to get as much money back from the government as possible, something that can make a difference in the lives of many people from one end of the country to the next (and in all of the space in between as well, of course).
But accountants and other such professionals do not just help the individual person, as important as this type of work might be for so very many of us. In addition to this, accountants also play an important role for everything from the small business to the largest of corporations. In recent years, business advisory services in the United States and all throughout the world (such as in the case of business advisory services in China and in a number of other countries where American businesses have been set up and business advisory services have become necessary) are quite critical indeed for a wide array of businesses.
And these business advisory services can become necessary for a number of reasons. One good example of this can be seen in corporate audits, which are more popular than one might realize (and become more likely the bigger a corporation grows). After all, there is very much a reason that business advisory services and additional services like corporate audit and assurance services have become quite necessary indeed. The statistics surrounding audits on businesses more than backs up this claim.
For instance, many people do not know that a business – any business – can actually have their tax returns audited for up to three years in the past before this becomes impossible. And if back taxes are owed, they can be collected for up to ten full years – an entire decade – by the IRS. Already, the IRS collects an impressive amount of money each and every year, as anyone providing business advisory services or even international tax and accountancy services for Chinese businesses and other such businesses will likely be more than well aware of.
In just one single year, the IRS alone will collect more than $3 trillion in taxes, while only paying back just over $400 billion in tax refunds. In addition to collecting a great deal of money, the IRS also performs a good deal of audits, as business advisory services can help various businesses and corporations to navigate through. In the year of 2017 alone, more than one million total tax audits were conducted during that tax season.
Of course, it’s important to know, as business advisory services will tell you, exactly who is most at risk of facing an audit. Individual people are very likely to ever be audited by the IRS, of course, but so too are small businesses. In fact, small businesses that have total balance sheets that amount to less than $10 million actually have a less than 1% chance of ever facing an IRS audit, something that should certainly be kept in mind by business advisory services and those who contact them as well. Larger corporations, on the other hand, are likely to be much more in need of the business advisory services discussed above, as larger corporations and even businesses that are not strictly considered to be corporations are much more likely to face an audit that is conducted by the IRS.
At the end of the day, taxes are important all across the board and there is simply just no getting around or avoiding this fact. After all, individual people pay taxes, as too do business both large and small alike. And taxes can certainly also be confusing, but the use of business advisory services can ultimately make the process of filing them much easier at the end of the day.