New Target for IRS Audits

Posted on 19 January 2009 by Diane

The IRS is gearing up for the next onslaught of audit attacks. This time they’re after Sole Proprietorships aka Schedule C filers. Remember if you have a Single Member LLC and have NOT elected how to be taxed for your business, you’re going to default right into the Sole Proprietorship category.

Based on the number of auditors moved over to this task force, you can figure that about 1 in 3 Sole Proprietorships is going to get tagged for audit. If you have a Sole Proprietorship now or an LLC that is taxed as one, change it!

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Information on avoiding an IRS Audit | Information Center Says:
January 20th, 2009 at 10:16 am

[...] all of your records for seven years though so you have proof of your claims on your tax returns. New Target for IRS Audits The IRS is gearing up for the next onslaught of audit attacks. This time they’re after Sole [...]

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