Are You at Risk for a Tax Audit?
If you're on this IRS list, watch out.
Small Business Taxes & Management, which
monitors current tax policy trends and features online updates (www.smbiz.com/Welcome.html),
reports that the IRS has changed its strategy for picking which kinds of
businesses to audit. Supposedly, the agency is targeting specific industries
based on studies of new regional data. The exact trigger for an audit
varies from industry to industry. "For example," says Tax Analyts, "in
the retail liquor dealers and gas retailers (among others), the focus is
on unreported cash. In the computer, electronics and high technology area,
one of the points of interest is the research and experimentation credit."
With that caveat, here's the organization's best guess
at the IRS hit list:
- air charters
- Alaskan commercial fishing
- architects
- artists and art galleries
- attorneys
- auto body and repair
- bail bond
- bars and restaurants
- beauty and barber shops
- bed and breakfasts
- car washes
- cattle auction barns
- commercial banking
- commercial printing
- computers, electronics, and high technology industry
- drywallers
- entertainment
- farming
- foreign athletes and entertainers
- furniture manufacturing
- garment contractors
- garment manufacturers
- gas retailers
- grain farmers
- hardwood timber
- independent used car dealers
- masonry and concrete
- ministers
- mobile food vendors
- mortuaries
- music industry
- oil and gas
- pizza restaurants
- retail liquor industry
- taxicabs
- tobacco industry
- tour buses
- trucking
- wine industry
Other areas under study:
- auto dealerships
- check cashing
- construction
- grocery stores
- health care
- laundromats
- real estate construction
- selling door-to-door/mobile caterers
- travel agencies
DATA: A/N Group, Inc.
To: FINANCE
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