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Audit Risks

Below is a listing of our content based on your selected topic, click on the titles below for more information. If the term is unfamiliar, see the Term Glossary<.

Avoid Improper Usage Of Schedule Cs or Sole Proprietorships

Having a Sole Proprietorship and filing a Schedule C has its place, but you need to tread carefully. Schedule C filers are among the highest risk groups for audit, and thus it is vital to keep accurate records to support your positions in case the IRS desires to confirm them. Here is a quote from the Wall Street Journal<:

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Properly Document Your Charitable Donations

Over the years, the IRS has seen numerous taxpayers attempt to claim deductions for non-cash donations which are essentially worthless. As a result, the level scrutiny these deductions are being given has greatly increased.

We have prepared a worksheet to help you document your non-cash deductions. Take photos of your items, fill out the form, and then have a representative sign your sheet when they are dropped off.

Download the worksheet here: http://www.famiglio.com/CPA-Firm-Tax-Downloads/non-cash-donation-contribution-worksheet<

Note that past a certain dollar amount you will need an independent appraisial, as well as a completed Form 8283 - Noncash Charitable Contributions<.

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Audit Risks

Avoid Improper Usage Of Schedule Cs or Sole Proprietorships

Properly Document Your Charitable Donations

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