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IRS seeks to close the gap

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in Small Business Tax

The IRS recently outlined efforts to close an estimated $290 billion tax gap on unreported income. (TDNR HP-11) Naturally, it plans to step up audits, particularly among high-income taxpayers and sole proprietors. Businesses of all sizes can also expect closer scrutiny.

Worst of all: Dreaded line-by-line audits will make their return on a random basis. The IRS hopes to coordinate the increased number of audits with greater reporting responsibilities for small businesses and self-employed individuals. You can expect to hear more about these reporting proposals.

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