More IRS Audits For Closely-held Businesses on the Way

Prior to the Tax Executives Institute’s 62nd mid-year conference, Steven T. Miller, IRS Deputy Commissioner, Service and Enforcement, prepared some remarks regarding current issues and proposed actions being discussed.

“I also want us to move more deeply into the mid-market – those firms and partnerships between $10 and $250 million in assets.  Up to now, our presence in the mid-market – where we currently have about 11.9% coverage – hasn’t been as robust as we would like it to be,” said Miller.

The remark above would indicate that we can expect the IRS to increase the number of audits for closely-held businesses.  An audit by the IRS can be time consuming for the business owner and their staff.  The best plan of action if you receive a notice that your business is going to be audited by the IRS is to contact your tax professional immediately.

DO NOT TRY AND DEAL WITH THE IRS BY YOURSELF.

If you are unsure how to handle a tax situation, please call Gray, Gray & Gray’s Tax Department at             (781) 407-3000.

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