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Taxes Information |
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Insider Guides to IRS Audits!
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 There are other sites that distribute the ATGs as well, and some of them seem to have guides, perhaps a little out of date, that don't appear on the IRS website.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
MORE RESOURCES: RIVERWOODS, Ill., Feb. 7, 2012 /PRNewswire/ -- As more and more baby boomers are reaching retirement age, they'll have many factors to consider in choosing where to live in retirement, including the tax ... NEW YORK (TheStreet) - Candidate Mitt Romney wants you to believe he will lower taxes while cutting the national debt. But President Romney will need to raise taxes if he is going to have any chance of lowering U.S. debt, according to his former private equity pals. Now a strong frontrunner for the Republican presidential nomination, Romney has repeatedly said that cutting the national debt ... When it comes to taxes, it seems that everyone has an opinion. Whether it's the way they're spent (or misspent), or whether we should pay less (or someone else should pay more), this surprisingly feisty ... WASHINGTON, Feb. 6 (UPI) -- Small U.S. business owners are unhappy with the amount of taxes large corporations and their executives pay, a recent survey indicates. With tax season getting under way, today I'll answer reader questions about property taxes, the new Medicare surcharge starting in 2013 and how to get those old-fashioned paper tax forms. Q: Tony G. asks, "Has anything... Small business owners see corporate tax loopholes and the shifting of U.S. profits to offshore tax havens as serious problems, according to a new independent national poll. Small business owners think big corporations and the wealthy don’t pay their fair share of taxes, the poll shows. Retirees can face hefty taxation if they don't follow certain strategies when managing their money. Using these tactics will help lower the bill. These strange taxes are making everything from bagels to hot air balloon rides more expensive.  Kevin Drum looks at how regressive taxes are at the state and local level, an issue that doesn’t get nearly enough attention. Is it April Fool’s Day? Has somebody in Paris hacked the website at the Organization for Economic Cooperation and Development? Have we been transported to a parallel dimension where up is down and black is white? |
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