Is Your Small Business Susceptible to an IRS Audit?

By John W. Cashman, Jr., CPA
Tax Manager at Gray, Gray & Gray, LLP

IRS Audit road sign_140360947_squareThe U.S. economic recovery has been spurred in many ways by the spirit of entrepreneurship that has led to an expansion of small businesses. The appeal of working for oneself and creating your own success is strong.

But running a small business also carries an increasing amount of scrutiny from the Internal Revenue Service (IRS). The financial controls present in a large corporation are not always so rigid in a closely held business. The IRS can come down hard on small companies that take advantage of “gray” areas in the tax code, or that get overly aggressive in claiming deductions.

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Hiring Your Child Can Have Tax Advantages

Summer is approaching quickly, which means teenagers will be looking for summer jobs.  If you own a business, it can be a wise move to place your child on the payroll. Below are some positive tax outcomes from hiring your child into your family business: Continue reading