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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 […]

IRS Audit Guide

IRS Audit Guide

IRS Audit:  What to Know, What to Do 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) or employer […]