Thursday, May 3, 2012
IRS AUDITS CASH INTENSIVE BUSINESSES
Do you want to know what the IRS is going to be looking at if you are audited? We can tell you. The IRS posts their audit guides on their website. You have to dig around to find them but they are out there. If you know what they are looking for you can be prepared.
Now the IRS has posted an Audit Techniques Guide (ATG) to provide guidance to its agents on how to examine income in a cash intensive business. While the ATG is not an official pronouncement of the law or IRS's position and cannot be used, cited, or relied upon as such, it does provide valuable information on how IRS audits cash intensive businesses including specific types of cash businesses.
If you would like a copy or a link to the IRS website showing the guide let me know and I will send to you.
Posted by Legal Disclaimer: at 2:11 PM