IRS Sets Its Sights on Small Businesses

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Friday

Sep062013

Friday, September 6, 2013

IRS Targets Small Business Credit Card Transactions The IRS recently implemented a campaign to target small businesses scrutinizing at least 20,000 small business tax returns under the guise that these businesses may not be accurately reporting their cash sales. If a business gets “an unusually high portion” of its reported sales through credit card transactions, it’s likely to be targeted.

This suspicion of underreporting is based on the ability of the IRS to analyze third party information including credit card information. They use it to compare a company’s credit card and cash receipts with industry averages. If the company appears to have an unusually high percentage of credit card transactions as compared to cash receipts, it’s more likely to receive a notification letter.

Letters have already started to go out, asking these businesses to prove that they haven’t underreported their earnings - not an audit per se but scary nonetheless.

By relying on past industry averages, the IRS doesn’t seem to account for how a particular business operates in today’s business climate. Over the years, there has been a reduction of cash transactions due to the increase in online sales and the fact that more customers are now paying with credit cards.

Between the newly proposed tax reform and this recent IRS campaign, small businesses will need to be even more vigilant with their accounting methods in order to ensure compliance and that they retain the maximum tax benefits allowable. How has your business been impacted by these new government measures? Please share in the comment section below!

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Need help determining how to better manage your cash flow issues? Did you know FACTOR KING® can also function as your record-keeping department? As part of our overall service offering, we provide you with aging receivables reports, payment records, hourly status reports and other in-depth reporting. Our reports are fully customized to accommodate each client’s individual needs. Most importantly, all reports are available online 24 hours a day- 7 days a week. Contact us to learn more!

Tela Kayne |

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