by Bill Houston | Aug 22, 2019 | Business Audits
Apparently the IRS is focusing on small businesses that have reported losses in 3 or more consecutive years. Letters have gone out for the 2017 tax year advising some taxpayers that their business is being reviewed to determine if their ‘business’ is...
by Bill Houston | Jan 28, 2018 | Business Audits
The IRS is likely to be auditing more tax returns when a discrepancy is seen between payments reported on Form 1099-K and the income reported on tax returns. If you are in business, and you take credit cards for payment, you are likely receiving a 1099-K at the end of...
by Bill Houston | Jul 27, 2016 | Business Audits
Businesses have been receiving the 1099-K for credit card payments and 3rd party network transactions since 2013. This form is used to report the gross amount of reportable transactions for a calendar year to the IRS. If your business takes credit card payments, you...
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