A Full Service CPA Firm

Kenneth Gibbons LLC is a NJ/NY CPA Firm that has detailed experience in taxation, financial statement audits and advisory services.

Sunday, January 22, 2012

2 Triggers that may cause a IRS Audit


2 Triggers that can cause a IRS Audit:

1.  Taxpayers who are Self Employed or Independent Contractors, especially if they show continued years of no profits.  Schedule C losses are deductible against other ordinary income such as compensation or interest, therefore the IRS pays closer attention.  Visit us at http://www.kgcpa.net/custom2.php to learn more about sole proprietorship (schedule c) filings.

2.  Charitable contributions, especially non-cash contributions. Upon audit, a taxpayer will need to provide proof such as receipts for charitable deductions, and sometimes appraisals as well for non-cash donations. Visit us at http://www.squidoo.com/tax-benefit-for-caring-for-feral-or-stray-cats-dogs

For assistance with an IRS audit, http://www.kgcpa.net/irs-representation.php or for more information contact us at http://www.kgcpa.net/contact.php