There have been previous posts on the topic of the IRS auditing small businesses and with the latest news, there is a need to revisit the topic again. According to IRS Commissioner Doug Shulman small businesses with assets between $10 million to $50 million are eight times more likely to be audited than businesses with less than the amount. The IRS is trying to reach out to small businesses (especially Schedule C filers) through increased resources on their website and collaborative efforts with small business accountants. In these tough economic times, small business owners are better prepared to cope when they have all the information at their fingertips.
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