While most of us are never audited, when it happens we can feel like a lamb thrown in a room with a lion. The IRS auditor does these audits every day. They know what to look for, and may ask leading questions that are easy to answer incorrectly. Here are some tips to help you when you are in the crosshairs of an IRS audit.
|* Architects||* Art Galleries||* Attorneys|
|* Business Consultants||* Capitalization versus Repairs||* Cash Based Business|
|* Child Care Provider||* Construction||* Research Credits|
|* Farmers||* Hobbies (activity not engaged for profit)||* Lawsuit Awards/Settlement|
|* Ministers||* Partnerships||* Retail|
|* Veterinary Medicine||* Winery/Vineyards|
If you have business activity that touches any of these topics, it makes sense to understand how IRS auditor is trained. By reviewing the specific ATG you will know the process of the IRS audit and gain some insight into how the auditor will proceed.
As always, feel free to pass this Tip along to friends, and reach out if you need help with your personal tax and finance situation.
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