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THIS MIGHT GET YOU INTO A LOT OF TROUBLE

Posted by Admin Posted on Oct 12 2018

Audit Triggers

 

 

Not Reporting all Taxable Income

Data Entry Errors

Participation in a Tax Shelter

Rental Losses

Failure to properly pay household help

Large travel and entertainment expense

Discrepancy Between Individual Taxpayers and Corporation Filings Associated to Taxpayer

Self Employed (not reporting profit in 3 out of 5 years)

Large charitable contributions

Home office deductions

Not Hiring a Reputable Tax Preparer

Claiming 100% business use of a vehicle

 

If you have any questions regarding Essential Business Accounting, Domestic Taxation, International Taxation, IRS Representation, U.S. Tax Implications of Real Estate Transactions or Financial Statements, please give us a call at 305-274-5811.

Source: IRS

The information provided on the LBCPA Blog is a community service for general information purposes only, and should not be used as a substitute for consultation with professional advisors who specialize in the topics covered. Please refer to your advisors for specific advice on these subjects. The information is not intended to be used, and it cannot be used, for the purposes of avoiding U.S. Federal and/or State tax laws or the tax laws of any foreign jurisdiction.

These blogs contain general information only and Lord Breakspeare Callaghan LLC or any of the other companies or firms presenting information are not providing accounting, business, financial, investment, legal, tax, or other professional advice or services. Lord Breakspeare Callaghan LLC or any of the other companies or firms contributing with articles shall not be responsible for any loss sustained by any person who relies on this information.

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