Audits coming – are you ready?

I’m sounding the alarm for the first time in my career. Why? IRS now has an astronomical budget to go after tax cheats. I’m sure there are plenty of tax cheats out there to find, but I am worried for the many businesses out there who don’t cheat on their taxes. Audits are just no fun, even if you have all your paperwork in pristine condition. Audits are expensive and time consuming.

One of the areas IRS will be looking at are businesses with losses. There are many perfectly legitimate reasons your business could have losses. If you are experiencing losses in your legitimate business, the last thing you need is a challenge by IRS that your business should be reclassified as a hobby. If you are wondering what you need to do to prove that what you have is a business and not a hobby, there are many resources available on the internet for you to research. One of the best free sources is www.irs.gov  If you would rather just spend one hour of your time and $29.95, take a shortcut and learn from a CPA with years of experience in this area, you might want to consider signing up for my new course. You’ll find more about it here:

www.deductiondiva.com/HotTopics.html

If you receive an audit notice, you will have very little time to prepare.  Why not go ahead and be ready now?  You’ll be very glad you did.

IRS, Hobby Losses & You

(Sign up for the class at the bottom of the post)

IRS’ Newest Hot Button – Businesses with Losses

9 Key Points 

Live Call August 16^th at 8:00PM Central Time

Results from the newest National Research Program have prompted IRS to intensify its audits of small businesses.  Congress has increased IRS’ budget by $600 Million for 2010 – bringing the total enforcement budget to 5.5 BILLION dollars annually.   Friends, that pays for a lot of audits!   You see, IRS believes small businesses like yours are a major part of the tax gap, and they aim to get those tax dollars paid.

 Now more than ever, businesses with a profit intention need to be mindful of the documentation you have to support your profit intention. 

 Do you:

ƒ       Have a home based business?

ƒ       Work hard to make a profit but still have losses?

ƒ       Worry about how the hobby loss rules may impact your business?

ƒ       Wonder if your business is a potential target of IRS, but don’t know what to do about it?

ƒ       Think it might be easier to quit your business rather than deal with taxes?

ƒ       Believe you should pay your fair share of taxes, but no more than that?

Would $29.95 and 60 minutes of your time feel like the best bargain ever, just to get these items off your worry list?  Wouldn’t you like to move on and make money?  If so, sign up now.

 

 Live Call August 16^th at 8:00PM Central Time

 What you will learn:

 6 main types of small businesses audited by IRS

 9 Key Characteristics IRS uses in making a determination of a business or hobby

 3 Main IRS Examination Techniques used

 4 Types of information likely to be requested

 3 Key Rulings and Laws that support taxpayers

 What happens to your deductions when the business is reclassified as a hobby

 Format:

1 hour teleclass

Handouts

Bonus Materials:  Business Plan Template; MP3 Download of the class

 Note:  We cannot guarantee you won’t be audited and we cannot guarantee results.  We can show you what types of documentation you need to have in the event you are audited.

http://tinyurl.com/lues9j