IRS Audit Under reported cash
Bars & Restaurants – Do Cash Sales Make You a Target? Have you ever considered using the cash received from daily sales as your “secret profits” from the business? Or even if you pay your employees “cash under the table” or tip them out with the cash sales but never actually count the cash sales,…
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6 Red Flags That Can Trigger an IRS Audit The thought of having their tax return audited by the IRS is a huge fear of many Americans. Realistically, the odds of being audited are pretty low. Still, have you ever wondered what causes some tax returns to be audited and not others? …
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IRS Audits – Everything You Need to Know The filing deadline has passed, and tax returns have been filed. Many Americans have gone from worrying about getting their returns filed to worrying about hearing those dreaded words “IRS Audit.” Even the thought of being audited strikes fear in most people’s hearts. So today, we…
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The IRS Shredded 30 Million Tax Returns – What Does This Mean For You? An article last week in the Journal of Accountancy and a few other sources told us that IRS just shredded 30 million unprocessed tax returns. That’s 30 million. Now that’s not good news for those who filed those tax returns.…
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6 Red Flags That Can Trigger an IRS Audit The thought of having their tax return audited by the IRS is a huge fear of many Americans. Realistically, the odds of being audited are pretty low. Still, have you ever wondered what causes some tax returns to be audited and not others? …
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What does an IRS Revenue Agent look for when auditing a cash-intensive business? The short answer is this: correct gross receipts and reasonable accuracy of deducted expenses. But this article focuses more specifically on how IRS examines for unreported cash. You will want to understand that the IRS tax audit process is not set in…
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