Hiring your children to work in your business can be a win-win situation for everyone. Your
kids will earn money, gain real-life experience in the workplace, and learn what you do every
day. And you will reap a few tax benefits in the process…

Audits are becoming less common. The number of individual tax returns the IRS audited fell
to a 12-year low last year, to just above 1 million. Audits have been steeply declining over the last
five years, which the IRS commissioner said was due in part to declining budgets and a smaller
workforce.

The IRS is now handling many routine audit reviews through form letters called correspondence audits. These letters come from the IRS and ask for clarification and justification of specific deductions on your tax return…

Avoid penalties by keeping accurate information return records Did you file all required information returns for 2015 and earlier years? Information returns include Forms 1099, the forms you complete when you pay for certain business expenses such as rent or…

Are you at risk of an audit? According to recent statistics, budget cuts, staff attrition, and a heavy workload for IRS employees mean your chances of undergoing a tax audit are less than 1%. Does that sound like a non-event…