Monthly Archives: June 2014
New Noncompliance Focus for the IRS – A recent study by the Government Accountability Office identified a growing problem with the business tax noncompliance of S-Corporations and Partnerships. While the noncompliance rate for these business entities has historically been high, it has recently become an area concern due to the fact that S-Corporations and Partnerships represent an increasingly greater percentage of the county’s total business tax income. Although the existing data is not sufficient to support an accurate estimate of the total tax dollars lost due to the tax noncompliance of S-Corporations and Partnerships, past studies indicate that the amount … Click to Read More
Avoiding a Small Business Audit – Although budget cuts forced the IRS to perform fewer audits last year than they had in the previous several years, small businesses remain one of the categories targeted by the audit process. In spite of this fact, there are a number of things small business owners can do to make being selected for an IRS Audit less likely. Should an audit be conducted, these same actions will help to ensure a favorable outcome. One of the most obvious ways for a small business to avoid an IRS Audit, is for the business owners to … Click to Read More