Topic: 10 Ways to Get a Tax Audit
Guests: Dan Gordon & Donnie Shelton
In this episode we discuss:
Why Donnie says taxes are one area of business where you do not want to tax risks
Common types of tax audits you could experience: income, payroll and sales and use
The three things that could prompt an audit
Where many operators cross the line when running expenses and deductions through the business
Tax credit and incentives some operators abuse
Why it's important to make sure you use a legitimate payroll company
The list of 10 ways to get audited
Income tax: Income reporting
Income tax: Deductions and expenses
Income tax: Tax credits and incentives
Payroll: Worker classification
Sales and use: Nexus determination
Sales and use: Taxability determination
Sales and use: Exemption certificate management
Sales and use: Sourcing rules
Sales and use: Cash transactions
Episode 121 with Jean Seawright about independent contractors: HR Hot Topics: Noncompetes, Independent Contractors & Exempt Employees
Notable: "As a small business person, your time is better spend figuring out how to increase sales and efficiency rather than trying to find tax credits." —Dan Gordon
Like what you heard?
Rate and review us on Apple.
Tell a friend in the industry.