The IRS says it will focus on these eight areas in small business audits in 2013:
- : Recent data show employers aren’t reporting personal use of company vehicles by employees.
- High-income taxpayers: The IRS will concentrate on taxpayers with a total positive income above $1 million filing Schedule C.
- 1099-K matching: The IRS plans to begin Form 1099-K matching under a new pilot program.
- Health insurance credit: This credit, which became available in 2010, will face IRS scrutiny.
- Foreign transactions: The IRS will vigorously pursue taxpayers who try to hide income and assets overseas.
- Partnerships: Examinations will cover large loss partnerships and other abuses.
- S corporations: Emphasis will be on exposing losses in excess of basis on shareholder returns.
- Worker classification: Numerous employees are being misclassified as independent contractors.
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/33609/irs-targets-small-business-audits "