How important is bookkeeping during the pandemic?

By Cristina Lopez

Yesterday I came across an article from accountingtoday.com. The title was “Will tax audits, enforcement increase to make up for pandemic shortfalls?” So, what is really the likelihood that audit cases will rise due to make up for tax revenue losses and increased spending to manage Covid-19? Some say it will only affect the 1%, some say states will have more Sales Tax Audits. We really do not know. All we can do is make sure we are ready in case of an audit.

The best way to prepare for an audit is to make sure you have proper bookkeeping records that in case of an audit you have something to back-up your financials with.  Our firm can assist you with getting your bookkeeping system started and help you maintain a proper bookkeeping system.

2020 has been challenging for sure, business plans had to be adjusted, operations shifted, and some goals had to pushed to the next year. A number of our clients has slowed down if not closed their business temporarily, there are those, especially those who are business as usual, and then there are those, mostly in the healthcare and insurance industries, that are breaking record sales. Regardless of where you are in terms of your business make sure that you dot your I’s and cross your T’s before the year ends.

https://www.accountingtoday.com/news/will-tax-audits-and-enforcement-increase-to-make-up-for-pandemic-shortfalls