Monthly Archives: July 2010

IRS to conduct employment audits

The IRS is launching a three-year auditing project that will examine about 6,000 U.S. companies for compliance with employment tax obligations. The project is the first of its kind in 25 years, and its primary objective is to collect data … Continue reading

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Am I at risk of being audited by the IRS?

The average additional tax resulting from the audit of someone with a Schedule C or F (sole proprietor) with gross receipts between $100,000 and $200,000 is about $33,000. The same such individual is 25 times more likely to be audited … Continue reading

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Ever wonder what your chances are you will be audited?

Most people wonder if they will be audited and what the potential consequences would be.  The IRS has released their audit statistics for 2009.  I found some quite interesting trends. For individual tax returns with income less than $200,000 and nonbusiness return, i.e. W-2 wages … Continue reading

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Save it or shred it? Some recordkeeping tips

Once you’ve filed your 2009 tax return, you may wonder which records you should keep and which ones you can run through the shredder. Here are a few suggestions. If the IRS asks, you must be able to prove the … Continue reading

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Economic Factoid

“The horse industry directly produces goods and services of $25.3 billion and has a total impact of $112.1 billion on the US gross domestic product. The industry’s contribution is greater than the motion picture services, railroad transportation, furniture and fixtures … Continue reading

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First post!

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