IRS Audit Guide (Updated for 2024)

IRS Audit Guide

IRS Audit:  What to Know, What to Do in 2024 Taxpayers are selected for an IRS audit for a variety of reasons. Some taxpayers are chosen due to a document mismatch, such as a return that is missing 1099’s or W-2’s.  The IRS computers usually spot missing documents based on the social security number (SSN) […]

How to Avoid IRS Trouble

How to avoid IRS trouble

The thought of IRS trouble, “red flags” and audits are enough to worry any business owner.  In this podcast, we talk about how to avoid IRS tax problems, and what to do if they arise.     In the podcast, we cover a variety of topics including: Organizing your business for tax preparation Tax calendar […]

IRS Form 8300: Cash Sales over $10,000 (Updated for 2024)

Form 8300 and cash payments over $10,000

IRS Form 8300 is the form that businesses use to report the receipt of cash payments over $10,000.  It applies to the purchase of both goods and services. Generally, businesses must file Form 8300 within 15 days after receiving cash payments over $10,000.  We recommend that Form 8300 be filed online, rather than through the […]

Sales Tax Audits and Sales Tax Audit Defense

Sales tax audit

Sales tax audits are on the rise in most states.  This is due to budget shortfalls of states across the country.  In fact, state auditors are much more aggressive than the auditors at the IRS.  The state has the power to do massive damage to a business as a result of a sales tax audit, […]

Georgia Sales Tax

Georgia sales tax

How The Georgia Sales Tax Affects Your Business Sales tax is an important part of doing business in Georgia.  Sales tax impacts retailers in the state, as well as businesses selling online or remotely from out of state to customers in Georgia. Does Georgia Have a Sales Tax? Georgia sales taxes represents a significant tax […]

IRS Notice CP2000: What is It?

IRS Notice CP2000

What is IRS Notice CP2000? IRS Notice CP2000 is one of the most common IRS letters that we see in our CPA practice.  The IRS mails these notices to taxpayers when information from a third party source (such as a 1099 or W-2) does not match the information the taxpayer reported on their tax return.  […]

Compensation: How Much to Pay Yourself

reasonable compensation for S corporation owners

Maximizing Tax Savings for Entrepreneurs: Understanding Reasonable Compensation for LLCs and S Corporations Chances are you’ve seen something online about the potential tax savings of switching from an LLC to an S Corporation. However, most of these articles and videos gloss over the most important input of this decision – how much to pay yourself.  […]

International Tax Update: Undisclosed Foreign Accounts

Swiss Francs

International tax issues are coming in the door of our Atlanta CPA firm with greater frequency.  In part, this is expected in an ever expanding global marketplace.  Of greater concern, however, is the “perfect storm” of enhanced IRS international tax enforcement in the age of the internet.  Easily available data and information sharing between countries […]

How IRS Audits Work [Updated for 2021]

IRS audits are fraught with mystery. Yet, IRS audits generally unfold in a routine manner. It is worth taking time to remove the mystery so people know what to expect and how to deal with it. The reaction that we see among clients in our Atlanta, Georgia accounting firm is nearly universal:  The clients receive […]

Tax Evasion: Recent Case

Tax evasion is squarely in the sites of IRS auditors and the IRS criminal investigation division, especially as it relates to cash-based businesses.  Tax evasion is also known as tax fraud. On September 10, 2020 the United States Attorney’s Office announced the sentencing of Mr. and Mrs. Brocato in a court trial that is a […]