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4 ways to cope with S corp audit blitz

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in Small Business Tax,Small Business Tax Deduction Strategies

The proliferation of S corporations has not gone unnoticed by the IRS. S corporations are now the most common corporate entity, accounting for nearly 60 percent of all corporate returns filed.

Now, the IRS wants to discover the biggest tax "noncompliance" areas for all those millions of S corporations. To do so, the IRS says it will subject 5,000 randomly selected S corporation returns from 2003 and 2004 to intense line-by-line audits. (IRS Information Release 2005-76)

"The use of S corporations has exploded," says IRS Commissioner Mark W. Everson. "The IRS needs a better understanding of what this means for tax compliance. This research is critical for achieving our strategic goal of ensuring that corporations and high-income individuals are paying their fair share."

Our advice: Stay calm. You can't do anything now that will affect your audit odds. If the IRS picks your name out of the hat, the best thing you ...(register to read more)

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