Today’s job seekers and employees have grown accustomed to having an incredible amount of information at their fingertips. As a result, many businesses find that failing to adequately disclose certain things negatively impacts their relationships with these parties.
Avoid IRS Audits: Fix the 1099 Prepaid-Rent Mismatch
Two questions:
- Are you prepaying your 2025 rent so that you have a big 2024 tax deduction?
- How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord?
Want to Find Out What IRS Auditors Know About Your Industry?
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs).
Navigating IRS Audits: Essential Preparations for Businesses
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million.
Behind the Numbers: Unlock Business Opportunities
At Robert P. Russo CPA PC, we understand the thrill of entrepreneurship. We also recognize the challenges that come with it.
In the video below, Bob shares the process of helping clients in the ever-changing tax world and how his clients unlock opportunities. If you prefer, you can also read the transcript below.
Tips for Avoiding an IRS Tax Audit
Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding “red flags” like the ones listed below could help.
Avoiding an IRS Tax Audit
Just 0.45 percent of taxpayers were audited in the fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding “red flags” like the ones listed below could help.