Apr 13, 2007 -- IRS targeting higher income earners
The IRS is trying to put fear into people about what could possibly get you audited. The IRS got heat in recent years for auditing people who earned under $30,000 a year. It was not fair because they were completely ignoring those who made six figures or more. As a result, the IRS is going the other way and is putting more pressure on those who make more than $1 million a year. If you are one of these earners, there is a big chance you will be audited. The possibility of being audited increases even more if you own your own business, especially if its a restaurant. The Feds know that many people who own restaurants keep two books one real and one thats a little fudged. In addition, the IRs is getting picky about the charitable donations section of your tax returns. For instance, you can only deduct charitable goods youve given if they are in good condition. The agency doesnt define what good condition is, though. But, in general, if youve been playing it straight, you have very little to be worried about.
Unfortunately, Clark won't be able to answer any questions submitted via commenting. If you have a question, please try posting it to our message boards.
There are no comments yet. Be the first to post one!