2013 Audit Guidelines For Small Business

What three letters strike fear into the heart of small business owners across the United States?

I . . . R . . . S Internal . . . Revenue . . . Service.

And in 2013 there may be even greater reason for small businesses to feel concern. That’s because the 2013 Audit Guidelines issued by the IRS reveal plans that will likely result in an increasing number of small businesses being audited, that according to an article at Small & Medium Business Magazine online.

This is because at least two of the eight areas of focus identified by the IRS impact small business.

First is the plan to increase audits on individuals who file Schedule C and have income of more than $1 million. Last year, approximately 12.5% of all such individuals were audited and the number is expected to increase.

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Published In: Business Organization Updates, General Business Updates, Communications & Media Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Robert Freedman - Partner at Tharpe & Howell, LLP | Attorney Advertising

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