Best QuickBooks Consulting & Training in Clifton, NJ

IRS Tax AuditsnnIf you haven’t heard yet, the IRS hired thousands of new enforcement agents (auditors) to increase revenue. Now is the time to start getting prepared.nnFew things you should know:nn1. There are statute of limitations on when the IRS can audit one of your tax returns (unless you commit fraud or under-report your income by 25% or more). The normal statute of limitations is generally 3-5 years, so save your records for this long at the bare minimum.nn2. You should be keeping good, clean and organized records of your income, expenses, assets, etc.nnClean records makes the process easier for everyone and can help relieve some of the stress involved around audits.nnWhat type of documentation do you need?n-Profit and loss (Bookkeeping)n- Receipts (this will be your strongest form of documentation for expenses)n-Canceled checksn-Legal papers for divorce or custody of childrenn-Business logs (mileage)n-Employment recordsn-Medical Recordsn-Theft and loss recordsnn3. DON'T PANIC! Audits are scary, but panicking makes things worse. The IRS has stated that auditing smaller taxpayers is more successful than larger taxpayers. Why this? Because it’s easier to audit them and they are less likely to have good records to fight back.nnThis is the time to organize your documents and ask us any questions!nnSi no entiende este mensaje, por favor llame a la oficina para una cita.