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Jan 25 2013
Eight Areas the IRS will Target in Small Business Audits in 2013
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- Fringe Benefits: New data indicate that employers do not report employee use of company vehicles.
- High-income Taxpayers: The IRS will focus on taxpayers with income of greater than $1 million on the Schedule C.
- 1099-K Matching: The IRS plans to start Form 1099-K matching.
- Health Insurance Credit: This credit, available since 2010, will begin to face scrutiny.
- Foreign Transactions: The IRS will pursue taxpayers who attempt to hide income and assets overseas.
- Partnerships: Large loss partnerships and other abuses will be examined.
- S Corporations: There will be an emphasis on discovering losses in excess of basis on shareholder returns.
- Worker Classification: Many employees are misclassified as independent contractors. (SmallBizTax)
Last Updated by Trae Long on 2013-01-25 12:41:08 PM