All but the smallest businesses today are generally expected to offer employees “big picture” benefits such as health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee Retirement Income Security Act (ERISA). That means lots of rules and much documentation. No matter […]
What businesses can expect from a DOL benefits plan audit Read More »
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). A little-known fact is that these guides are available to the public on the IRS website. In other words, your business
How IRS auditors learn about your business industry Read More »
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report , but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology and increase audits of high-income taxpayers. But
Worried about an IRS audit? Prepare in advance Read More »
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you
Good records are the key to tax deductions and trouble-free IRS audits Read More »
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In the fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations, and high-income individuals are more likely to be audited but, overall, audit rates are historically
The chances of an IRS audit are low, but business owners should be prepared Read More »
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations. Many ATGs target specific industries or businesses, such as construction, aerospace, art galleries, childcare
Businesses can utilize the same information IRS auditors use to examine tax returns Read More »
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