Audits

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Business Owners: When it Comes to IRS Audits, Be Prepared

By |May 23rd, 2017|

As a business owner, you likely are concerned about being audited by the IRS. Audits can occur randomly, but some tax return items may raise red flags with the IRS, such as major inconsistencies between previous years’ filings and the most current one, profit margins or expenses markedly different from those of similar businesses, and unusually high deductions. Learn more about what may lead you to be audited and how to prepare in this blog post.

Documentation is the Key to Business Expense Deductions

By |September 13th, 2016|

If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. This blog post discusses two recent U.S. Tax Court cases where incomplete or destroyed documentation impacted a business, and explains how to keep your business covered when it comes to documentation.

Defend Your Business Against an IRS Audit

By |April 18th, 2016|

Is your business' 2015 tax return at risk for an IRS audit? Avoiding some of the IRS "pet peeves" can protect you in the event that your business is targeted. Learn more about how to safeguard your business against an IRS audit in this blog post.

Partnership Audit Rules Revised Under 2015 Budget Act

By |November 10th, 2015|

The Bipartisan Budget Act of 2015, signed into law on November 2, 2015, raises the federal debt ceiling and lifts mandatory spending caps on defense and domestic programs. The law also includes tax provisions that revise partnership audit rules. The end result of the revised rules is that audits of master limited partnerships, investment funds and other business entities organized as partnerships are likely to increase. This article provides a summary of the previous rules and details the revised rules.