"I
paid my taxes over a year ago" is one of my favorite quotes by Homer Simpson. If you filed your tax return for 2017 already, is your copy sitting in a pile on your desk somewhere? Do you have any documents for 2018 that could go in a folder for the next filing season? Instead of binge watching the next episode on Netflix, take a moment to tidy up your tax records with a few tips from our first article.
"You've been selected to receive an Audi!" may have you popping a bottle of champagne. "You've been selected to receive an audit" may have you popping the bottle of heart burn medicine. Anyone and any business can have the IRS look into their records, but there are certain situations that can raise your level of risk. The second article mentions some of the red flags that are more apt to draw the attention of the IRS.
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A good way to beat the heat during the dog days of summer is to organize your tax records. Granted, it may not be as exhilarating as jumping off the high dive, but a dip into these important documents now may save taxpayers headaches later. This article explains the IRS guidelines for tax-record retention, as well as some important exceptions to consider.
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An IRS audit may not seem quite as big of a business risk as a natural disaster or an unstoppable competitor. But getting that fateful letter in the mail can still hurt morale, impede productivity and delay strategic objectives. This article talks about what can trigger an audit and discusses what business owners should be ready to do in response. A sidebar looks at impending new audit rules for partnerships..
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