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Protecting Yourself From IRS Audit And Having An NDA For Your Business

Protecting yourself from IRS audit and having an NDA for your business

  • Today at the IRS conference, I learned about how to protect yourself from audits or if you get into an audit— what would be the backup documentation that you’re going to need. Bank statements and credit cards are not always enough to protect yourself from audit.
  • What you really need is receipts. So make sure that you’re keeping all the receipts, and you always write on the purpose of the expense receipt, whether it’s meals, entertainment or travel.
  • NDA, which stands for Non-Disclosure Agreement, or Nondisclosure Arrangement. It’s one of those things that as a small business owner, if you have a trade secret, if you have something as a special process, something in your business that no one else in your industry has, you should probably have anyone in your company that would be your employees, your contractors. Anyone who has access to that information sign an NDA. So if you have any questions on that would be super happy to connect you with a professional in that arena, to help you answer those types of legal questions.

It’s Shauna, the Tax Goddess, live to you here from D.C. I am in a car but I am not driving, of course, that would be very dangerous. So today I am here to talk to you guys about two subjects.

One, I am in D.C. because I’m actually at a conference for the IRS, and today learned all about how to protect yourself from audits, or really if you get into an audit what is the backup documentation that you’re going to need. So really today one of the speakers was talking about everybody always thinks bank statements and credit cards are enough, but it is not, you really do need those receipts. So make sure that you’re keeping receipts, and you always write on the receipt who, what, where, when, and why that you were at that event. Whether it’s meals, entertainment, if you’re traveling, you know what is the purpose behind your travel. Are you there for business? I.e, you’re in D.C. at an IRS conference.

So anyway the second thing I wanted to talk to you guys about is NDA, which stands for Non-Disclosure Agreement, or Non-Disclosure Arrangement. It’s one of those things that as a small business owner, if you have a trade secret, if you have something a special process, something in your business that no one else in your industry has, you should probably have anyone in your company, that would be your employees, your contractors. Anyone who has access to that information sign an NDA. So if you have any questions on that would be super happy to connect you with a professional in that arena, to help you answer those types of legal questions.

But otherwise, hope you guys are having a great day and super excited the next couple of days I will be here in D.C. learning directly from the IRS how to save you guys money. So I’ll talk to you later. All right, bye.

 

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