Eight Small Business IRS Audit Areas to Watch Through 2013
The IRS has announced emerging or significant areas that it will prioritize for the coming year. When it comes to compliance, the IRS has increasingly focused on small business underreporting, which is responsible for 84% of the $450 billion tax gap.
Understand that your small business clients, and specifically those who fit any of the above eight issues, will be a focus for IRS audits in 2012 and 2013. A best practice is to proactively address these audit areas now with your small business clients, and prevent future problems through client education. Going forward, schedule frequent meetings so you can stay close to your small business clients and avoid audit surprises.
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About Jim Buttonow, CPA, CITP
Jim is Vice President of Product Development and Co-founder of the tax technology company New River Innovation (www.Beyond415.com). He is a CPA and former IRS Large Case Team Audit Coordinator. He worked at the IRS for 19 years. Since leaving the IRS, Jim has represented many clients before the IRS.
At New River Innovation, Jim is the chief architect of Beyond415, an award-winning technology for tax practitioners to efficiently handle IRS issues, notices and audits. Through Beyond415, Jim also develops and presents CPE series on IRS practice and procedure for issues that arise after filing, such as audits, notices and discrepancies. Jim regularly speaks on compliance trends and post-filing practice efficiency strategies for CPA and accounting firms.
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