IRS Audits Increase for Small Business
According to a recent article on Inc.com, the IRS has been given additional funding for enforcement. This means that small businesses will likely feel the effect of increased scrutiny and audits. You can read the article here:
http://www.inc.com/criticalnews/articles/200512/audits.html
Now more than ever, it’s important to keep accurate records of all your financial transactions as it relates to your self-employment and small business. I know it’s a daunting task for many, and many put off entering all the revenue and expense numbers into a ledger (paper or electronic). It’s a case of divide-and-conquer: do it weekly and the stacks of paper will never get overwhelming.
