I’m constantly amazed by the shear volume of tax laws and changes that have been coming down the pipe for the last couple of years. We are definitely living in a whole new world as far as compliance and tax laissez-faire go.
I heard recently that the IRS and and other local tax authorities are now requesting the actual QuickBooks Data file from small businesses under audit. The IRS has now trained their agents to review the electronic copy of your books and records. So now more than ever it’s important to make sure small businesses are maintaining accurate and correctly doing their books. Haphazardly done books could have huge negative consequences as a result of an audit.
Small business owner beware.
This post was written by Profit Wise Accounting