Ever wish that, as a business owner, you knew exactly what would raise "red flags" at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?
If you're in the right type of business, you can get that information, directly from the IRS!
Traditionally, IRS examiners have been responsible for auditing many types of businesses. An examiner might audit a grocery store one week and a construction company the next. A lot of the examiner's time was spent learning about the business.
To improve efficiency, the IRS launched the Market Segment Specialization Program (MSSP). Examiners now focus on specific types of businesses. To help the examiners understand each type of business, the agency has developed training guides, called "Audit Techniques Guides." The guides explain the standard practices for the business, and tell the examiners exactly where to look for potential problems. (For example, auto repair shops sometimes don't report the parts they have in stock as inventory.)
The IRS has developed Audit Techniques Guides for dozens of business types, ranging from pizza shops to major league sports franchises. In addition, there are guides that deal with specific business practices, such as executive compensation, shareholder loans, or stock based compensation.
You can download the guides directly from the IRS website. There are other sites that distribute the ATGs as well, and some of them seem to have guides, perhaps a little out of date, that don't appear on the IRS website. Simply search the web for IRS Audit Techniques Guides to find a list!
Bob Nicholson / WYGK Consulting provides business, technology and strategic consulting for small businesses, internet start-ups and entrepreneurs.
Visit http://www.wygk.com
Lincoln Stretch rentals Alsip ..If your like many, you don't always understand what people... Read More
Anyone who is closely related to an accountant knows that... Read More
You've been feeling uneasy (perhaps even guilty) because you've failed... Read More
As tax time approaches, many home-based business owners begin completing... Read More
Assume a buyer in Pakistan downloads software from the Internet... Read More
The United States is a nation of entrepreneurs. There are... Read More
If your identity is stolen, your finances can quickly become... Read More
Misconceptions, misinterpretations and just plain "untruths" are floating about income... Read More
NOTE: This is the first in a series of 5... Read More
Let's assume that you would like to begin saving for... Read More
Have you been thinking about incorporating your small business or... Read More
Import duties continue to be significant elements in the cost... Read More
The federal tax code is complex. This complexity generally arises... Read More
No one likes paying tax. Everyone understands that tax is... Read More
Does this scene sound familiar? It's April 7. You haven't... Read More
Q: I was contacted by the city tax collector to... Read More
So, you were pleasantly surprised to learn that you are... Read More
"Depreciation." For business owners, this word is the one most... Read More
The Sarbanes-Oxley Act, also called the Public Company Accounting Reform... Read More
Adding Your First Additional Stream of IncomeMost new wealth builders... Read More
Most people trying to make a crust online (or offline... Read More
How about a Tax Tip?As we all know Taxes are... Read More
April 15th looms in front of most people every year... Read More
When buying a business, how the "purchase price" is made... Read More
Newlyweds and the recently divorced should make sure that names... Read More
Western Springs shuttle limo ..Choosing the right tax preparer for your business is a... Read More
Does your incorporated business pay alternative minimum tax ["AMT]? If... Read More
On June 3, 2005, the IRS released guidance on charitable... Read More
Background issues of access to recordsTo assess the records at... Read More
Most people trying to make a crust online (or offline... Read More
Managing a business small, medium or big requires you to... Read More
The Sarbanes-Oxley Act, also called the Public Company Accounting Reform... Read More
April 15 - The most dreaded day of the year... Read More
Do you realize that some tax forms ask you to... Read More
Your days as an entrepreneur and businessperson are consumed with... Read More
Adding Your First Additional Stream of IncomeMost new wealth builders... Read More
"What we've got here is a failure to communicate." ... Read More
Hit a big one? With more and more gambling establishments,... Read More
Recently, I stumbled across a concept that could change your... Read More
Tilting the Tax Laws in Your Favor.In order to accelerate... Read More
Practically every small business has receivables that it cannot obtain... Read More
Have you been thinking about incorporating your small business or... Read More
According to the IRS, taxpayers underpay their taxes by some... Read More
Anyone who is closely related to an accountant knows that... Read More
Someone once said, 'the best way to calculate your taxes... Read More
Over 50% of marriages end in divorce in the United... Read More
The electronic transaction ordinance defines the certificated copies in which... Read More
Haven't done your taxes yet? No problem. Now there is... Read More
It's a major fear for most Americans: A notice from... Read More
Deduction of Refinance PointsAny points that you pay in the... Read More
Tax |