Posted in Hot Topics, News on April 30, 2020
Small businesses have always faced audit risks, but a recent development at the Internal Revenue Service (IRS) means that small businesses could soon be facing enhanced scrutiny of their federal returns. On March 5, the IRS announced that its Small Business/Self Employed Division is opening a new Fraud Enforcement Office that will specifically be targeting small businesses that underreport and underpay their federal tax liability. The Fraud Enforcement Office is beginning operations in 2020.
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