The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations. Many ATGs target specific industries, such as construction, aerospace, art galleries, child care providers and veterinary medicine. Others address issues that frequently arise in audits, such as executive compensation and passive activity losses. ATGs allow auditors to uncover unique industry issues, common areas of noncompliance, customary business practices and terminology. For a complete list of ATGs, visit the IRS website here: https://bit.ly/2rh7umD
Businesses can utilize the same information IRS auditors use to examine tax returns
- Payable-on-Death Accounts: Beneficial Tools if Used Correctly
- Is Your Business Closing? Here Are Your Final Tax Responsibilities.
- 4 Ways Corporate Business Owners Can Help Ensure Compensation is “Reasonable”.
- Tax Records: What Can You Toss and What Should You Keep?
- Designing for Efficiency: Engineers and Architects Benefit from Increased 179D Deduction on Government Buildings
