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Did You Know?

Jan 25 2013
Eight Areas the IRS will Target in Small Business Audits in 2013

Posted in general

  1. Fringe Benefits: New data indicate that employers do not report employee use of company vehicles.
  2. High-income Taxpayers: The IRS will focus on taxpayers with income of greater than $1 million on the Schedule C.
  3. 1099-K Matching: The IRS plans to start Form 1099-K matching.
  4. Health Insurance Credit: This credit, available since 2010, will begin to face scrutiny.
  5. Foreign Transactions: The IRS will pursue taxpayers who attempt to hide income and assets overseas.
  6. Partnerships: Large loss partnerships and other abuses will be examined.
  7. S Corporations: There will be an emphasis on discovering losses in excess of basis on shareholder returns.
  8. Worker Classification: Many employees are misclassified as independent contractors. (SmallBizTax)

Last Updated by Trae Long on 2013-01-25 12:41:08 PM

Blog posts made available to you are informational only and are not intended to provide investment advice, or supplement the advice of a professional advisor. There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.

Blog posts made available to you are informational only and are not intended to provide investment advice, or supplement the advice of a professional advisor. There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.

Blog posts made available to you are informational only and are not intended to provide investment advice, or supplement the advice of a professional advisor. There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.