A new report from the Treasury Inspector General (TIG) says that IRS auditors don't do enough to uncover tax deficiencies of sole proprietors. (Ref. No. 2010-30-024, 2/24/10)
When it reviewed the correspondence audits of 2007 returns, the TIG discovered that examiners missed more than $16 million in unpaid taxes, largely attributable to the failure to file income tax returns or underreporting of taxable income. But more in-depth analysis would slow down correspondence audits.
The IRS plans to revise its audit selection procedures for sole proprietors so that its examiners can address these issues in face-to-face meetings.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/27875/irs-shines-audit-spotlight-on-sole-proprietors "