The Risk Of A Schedule C Audit
A Schedule C audit is one that seeks to identify underreported income. That’s one of the key responsibilities of the IRS usually, and they are renewing focus there. Companies that report no income or losses year in and year out may see their financials under federal scrutiny.
At Bomar Law Firm, our attorneys represent Atlanta businesses in any and all audit matters. Tax law’s complexity and high stakes are major concerns for business stakeholders across Georgia. Our teams take your questions and anxieties seriously, offering insight and diligent, impactful representation.
What Is Schedule C?
Schedule C is the area on your tax return that contains all the information regarding your business’s operating costs and revenues. The IRS monitors this data and generally considers some things red flags for an audit. The current emphasis is on a pattern of losses overall for multiple years.
Some Businesses Always Operate At A Loss
There are some businesses that nearly always operate at a loss or rarely turn a profit. That’s never been a normal concern for any business, as operating at a loss is often a sign of a well-leveraged business asset. However, the IRS may have concerns with companies hiding profits among their business expenses.
We can serve as the point of contact and communication for your company and the IRS. We can gather documents and have meetings, taking the stress of the audit off your plate. Our experienced tax attorneys have the vocabulary and relationships to take on these complex matters.
On Your Side Through All Audit Stresses
Every tax audit puts your company under significant stress and introduces uncertainty. Your successful experience with an audit will rely on your representation’s attention to detail and focus. That’s where we excel. Contact our office today to learn more about what we can do for you. Call 800-765-2779 or send an email to schedule your meeting with our attorneys.