The frequency of audits on taxpayers has increased by 500% in 2009 as compared to 2008. This year the IRS has successfully challenged (audited) several taxpayers with employee business expenses.

What else is being challenged:

·         Claims for the Earned Income Tax Credit

·         Large charitable deductions

·         The tax credits for home buyers

·         Deductions claimed by self-employed taxpayers

·         Schedule C: Advertising, Vehicle, Meal and Entertainment expenses

What this means: Small businesses are in the IRS spotlight and improper business expense reporting could lead to audits, fines and penalties.

Christine Reiner, CPA, ensures legitimate, ethical and accurate tax reporting for your small business. Contact our office today to set up your appointment and protect your small business!

Important information for business owners and QuickBooks users!

IRS agents are being instructed to obtain a copy of the taxpayer’s database for examinations for any taxpayer who uses QuickBooks.  

Can you refuse to provide your QuickBooks files? – NO!

Inaccurate, poorly-kept QuickBooks files could cost you thousands of dollars in fines and taxes!

Please contact Christine Reiner, CPA, today for help with your QuickBooks files.