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.
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.
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.