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Archives for February 2015

Tax Service Provides 3 Things You Need to Know About IRS Audits

Tax Service

Tax Season

Getting audited by the IRS is a frightening affair. It strikes the fear in the hearts of all small business owners, and can even cause some to hang up their hat entirely. 

However, the IRS only takes the time to audit a small percentage of small business tax returns each year. So even if there is a chance that you may be audited, unless you did something knowingly against the rules or have glaring errors on your return, your odds of the IRS putting their nose in your business is sparingly low.

Here are some other facts about IRS audits that your small business needs to know from your trusted Florida tax and accounting service.

How long can an audit last?

Generally, the IRS only has three years to perform an audit. That may sound like a long time but, for some audits, particularly those with foreign accounts, the IRS can take six years. Think that’s a long time? According to experts some can last even longer:

For unfiled tax returns, criminal violations or fraud, the limits can be longer. In most cases the practical limit is six years, but for some information returns the IRS can audit forever.

Avoid an audit by seeking out and destroying red flags.

Do this by double-checking numbers and looking for income that wasn’t reported. Also, keep in mind the total dollar and percentage amounts you are able to deduct for business related expenses. The less the IRS has in errors on your account the less chance they’ll demand more information to support your tax filings.

Authenticate deductions that will draw attention.

The IRS has a pretty good idea as to what your type of business should be pulling in and your overall deductions. They have a benchmark set for all types of business. To avoid an audit, if you have had a particularly great year or if you’ve needed to deduct a ton of expenses, it helps markedly if you authenticate that money with proof. Receipts are your friend, use them to protect yourself from an audit.

If you have been audited and aren’t sure what to do, you need an expert’s help. A qualified tax and accounting service can help ease the pain of an audit, and help point you in the right direction.

For more information on how we can help you, please contact us with any questions that you may have.

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Part Time Accountant Services That Come to You

Accountant Services

All businesses need accountants to manage payroll, file tax returns, and perform related duties, but taking on an accountant full-time is a big expense. Due to the cyclical nature of accounting, you may only need full-time help for part of the year and temporary, part-time help the rest of the year. Many business owners, especially those in their first two years, waste thousands of dollars annually because they misjudge their accounting staffing needs.

Hiring a full-time employee means paying for 40 hours a week whether there is work available or not. Full-time workers also require benefits such as health insurance and paid time off. A part-time employee is not always the solution either since most prefer a regular set schedule. A&B Accounting and Business Solutions, LLC understands this dilemma and offfers part time accountants services to all of our clients.

Affordable Hourly Rates for Onsite Part-Time Accountants

Some business owners just don’t have the time to meet with an accountant or deliver work to be completed. Depending on your preferences, we send one of our experienced accountants to your business one day or several days per week. Our accountant can also provide part-time controller or Chief Financial Officer (CFO) services. The latter may be appropriate for complicated accounting tasks such as budgeting, forecasting, and responding to a tax audit. A&B Accounting and Business Solutions, LLC has over a decade of experience working onsite with businesses in Deerfield Beach, Boca Raton, Pompano Beach, and the surrounding communities.

Request a Free Consultation

If you can’t afford or don’t desire to hire permanent accounting staff, contact us to learn more about our flexible options. Our staff members are fluent in both English and Spanish to meet the needs of our diverse community. As we assess your needs, we may recommend other accounting services to help your business meet its financial goals. 

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