According to the IRS audits were up significantly last year among corporations with assets of $250 million or more. All told, last fiscal year the IRS audited nearly 30% of such corporations.What's more, once an audit is initiated it can often drag on for years...

Thus, you have two very important tasks in terms of avoiding such a situation. First, stay updated on changes in the law and then implementing these changes into your compliance and reporting procedures. Second, if audited, seek out guidance to determine how best to control the audit process and resolve it in an expediant manner as possible.