Increasing Audits for Small Business
An article published in the Spring 2005 Edition of ADP's Accountant Focus has proven to be Prohetic.
"More importantly for practitioners, the IRS has suggested it will step up the heat on small businesses and self-employed individuals because it sees high levels of non-compliance in those sectors."
"Comment: The audit rate for small businesses, particularly partnerships and sole proprietorships, should rise in the coming years. The IRS has identified the small business/self-employed (SB/SE) sector as a major area of non-compliance."
The IRS is beginning a series of fact sheets to educate small businesses. They estimate that 43% of the tax gap is attributable to this group. As a result small business is now coming under increased scrutiny by the IRS. As more comes to light on this subject we will continue to provide this information to those who visit this website.
The information contained on this site should in no way be considered to be professional advice in the form of either tax, accounting, or legal service or consultation. You should always consult with a professional familiar with your individual circumstances before making any specific decisions related to accounting, tax, or legal matters.
"More importantly for practitioners, the IRS has suggested it will step up the heat on small businesses and self-employed individuals because it sees high levels of non-compliance in those sectors."
"Comment: The audit rate for small businesses, particularly partnerships and sole proprietorships, should rise in the coming years. The IRS has identified the small business/self-employed (SB/SE) sector as a major area of non-compliance."
The IRS is beginning a series of fact sheets to educate small businesses. They estimate that 43% of the tax gap is attributable to this group. As a result small business is now coming under increased scrutiny by the IRS. As more comes to light on this subject we will continue to provide this information to those who visit this website.
The information contained on this site should in no way be considered to be professional advice in the form of either tax, accounting, or legal service or consultation. You should always consult with a professional familiar with your individual circumstances before making any specific decisions related to accounting, tax, or legal matters.
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