There are a lot of benefits that come with a role as an independent contractor. You can often make your own hours and decide which projects you take on and which you turn down. This ability to be your own boss, to not have an employer, comes with a high level of...
IRS Audits
4 things that raise the risk the IRS will audit your small business
We recently shared a post about six red flags the IRS looks for when deciding which small businesses to audit. You can read the post here. In this follow-up post, we will discuss four more things that many small business owners in Atlanta do that increase the risk of...
What can trigger a high-stakes IRS tax audit?
Does the thought of a tax audit by the Internal Revenue Service (IRS) fill you with dread? You are not alone in your concerns over the possibility of an audit, as most other people feel the same way. The stakes are high for those with complex finances (multiple income...
What prompts an IRS tax audit of a small business?
As a small business owner, you feel you are doing everything right. You keep comprehensive records, pay taxes and are responsible overall. Yet something has piqued the IRS’ interest in you. They tell you they are planning an audit of your business soon. You are...
What’s the difference between tax fraud and negligence?
You may have received a letter from the IRS stating that it found a discrepancy in your 1099 or 1040 return. Rather than fearing the worst, open the letter and read what it says carefully. People make mistakes, and there is no need to panic. While it could involve...
Two ways to reduce the odds of a tax audit in 2022
Filing taxes is never fun, but last year was arguably one of the more difficult in recent history. Between federal programs to help provide aid during the pandemic and business owners likely needing to take losses in creative ways, many have voiced concern that the...
Tax year 2021 will be complex. Get ready for an IRS audit.
You may already know there will be a problem. There were a number of issues this year that will naturally lead to many individual tax returns being much more complex than usual. Unfortunately, that complexity can bring on an IRS audit. Here are several potential...
The various types of tax audits
Receiving correspondence from the Internal Revenue Service (IRS) can be a very daunting experience. Letters from the IRS often contain unwelcome news. For example, the notice may be about an adjustment to taxes that means you now owe a considerable sum of money....
Why do people get audited by the IRS?
Nothing strikes fear into the hearts of people in Georgia and around the country like the news that their tax return is going to be audited by the IRS. Right off the bat, you will probably ask yourself a lot of anxiety-inducing questions: What did I do wrong? How...
How to prepare for an audit
The thought of an audit from the IRS commonly leaves people with a massive sense of dread. Audits have a notorious reputation as one of the most challenging legal hoops that someone needs to jump through, and a bad result in an audit can have considerable...