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Top IRS Audit Triggers from the Past Year

Tax watchdogs monitor IRS audits and poll many organizations of tax preparers and accounting professionals in an attempt to identify the top IRS audit triggers each year.  The list for 2015 has some newcomers.  The primary caveat to all of this information is simple: if you have a legitimate expense...

IRS Adds Banks to the List of 50% OVDP Penalty Institutions

The IRS continues to add more and more international banks, financial and investment firms to its list of 50% OVDP penalty institutions each month.  The list is based upon the IRS' determination that the bank or institution has actively helped US taxpayers to shelter income or avoid paying US taxes....

Business Contracts Go a Long Way to Determining the Success of Your Company

Many business owners and entrepreneurs under-estimate the central role business contracts play in the success of a new LLC or corporation.  Business contracts are the foundation of business itself.  The structure of a business contract is often the only difference between a successful transaction, and a dispute leading to expensive and...

What Should You Do if You Receive an IRS Notice of Deficiency?

You've received an IRS Notice of Deficiency in the mail, you are facing immediate modification of prior returns, and exposure to IRS collection tactics.  The IRS Notice of Deficiency is also called a "90-Day Letter" and communicates the IRS' intention to modify your tax returns.  This usually occurs after an...

New IRS Guideline Requires Partnerships and LLCs to Name Representative for IRS Audits

New legislation has been enacted that will require partnerships and LLCs to name a partnership representative for IRS Audits.  The new laws (which go into effect in several months) affect existing partnerships and LLCs, as well as any newly created LLC or partnership agreements, private placement memoranda, or any contract...

Supply Chain Management and Well Crafted Contracts Ensure Business Flows Smoothly

If your company purchases goods and services from other sources or vendors and integrates them into a manufactured product or integrated product bundle it is important to implement sound supply chain management.  Effective supply chain management encompasses every aspect of planning, purchasing, accounting, tax planning, production, and ultimately selling the goods...