The failure of the new Congress and administration to fulfill on the pledge to repeal and replace the Affordable Care Act undoubtedly leaves many with “question mark” text bubbles dancing in their heads. Republicans in Washington say the issue is not dead, but for now, the existing law remains in place. Because of that, expertscontinue reading…
Audits
The possible effects of an audit on a small business
More often than not, experiences with the federal government’s tax collecting arm are not pleasant; either because the IRS believes that a small business owner is cheating Uncle Sam out of money, or business owners feel as if they are unfairly singled out because of their success. Either way, the effect of an audit is fairly straightforward.continue reading…
You receive an audit notice: what could be the reason?
Getting an audit notice can be extremely stressful, especially if that audit could potentially result in some sort of liability. To the best of your knowledge, you and your accountant did everything accurately so you worry about why the IRS has asked for an audit. While sometimes an audit can be randomly triggered, in othercontinue reading…
Mistakes that could increase audit exposure
Minnesota residents may believe that the IRS can only audit their returns for three years after they are filed. While this is true in many cases, there are also scenarios in which the IRS has six years to audit a return. For instance, if an individual understates his or her income by more than 25continue reading…
‘Business as usual’ in government; private sector confusion
The start of the new White House administration has been interesting to watch, to say the least. Many pundits, including here in Minnesota and Wisconsin, point to the activity with a suggestion that it is unprecedented. The reality is that much of what is happening is not unusual. Every new administration brings with it change.continue reading…