audit

Real Estate Professional status is definitely a red flag audit condition, especially if you live in California. If you are currently taking this status, or are planning on it, here are some of the things that you must know.

The IRS tells us that the kinder, gentler days are gone. They are after you, looking for more tax revenue. The funny thing is that they tell the CPAs what the red flags are. Here’s one mistake you don’t want to make with your S Corporation. It’s a red flag says the IRS.

One Flag You Don’t WANT to WavePeople like to speculate about IRS “red flags.” These are the things that are certain to cost you an IRS audit, or else definitely put you in their sights.

And, considering that the IRS increased the number of audits on personal returns by 65% last year, you probably want to pay attention to this next part. If you have a business there is one GIANT red flag you might have that you’ll want to get rid of.

Your return has been selected for audit. You and your CPA have pulled together the material you need. Now what?

No one likes to think about getting audited, but what happens if you do? Read on to learn how to survive an IRS audit.

I know, I know - IRS and funny don’t go together. They don’t belong in the same room, and they may not even belong on the same continent.

If you needed another reason to think about converting your sole proprietorship into a business structure, a recent announcement by the GAO (Government Accounting Office) suggesting that the IRS pay particular attention to sole proprietor tax returns should help.