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| ABOUT | ||
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| SMALL BUSINESS TRENDS brings you daily updates on trends that influence the global small business market. | ||
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Anita Campbell, Editor |
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| Past life: CEO, corporate executive, tech entrepreneur, retailer, general counsel, marketer, HR ... (more) | ||
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Small Business Trends Radio Tuesdays, 1:00 PM Eastern U.S. time on Voice America network Click to listen November 1st: Torsten Jacobi, CEO of Creative Weblogging, joins host Anita Campbell. Sponsored by Six Disciplines. Show details. |
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Monday, June 07, 2004 | |
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The IRS Magnet | |
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The smaller the business, the more likely it is to be audited by the U.S. Internal Revenue Service. That's according to the most recent edition of the Kiplinger Letter (requires subscription): "Small proprietorships are the most likely to hear from the IRS. Questionable deductions by many firms with gross receipts under $25,000 hike their audit rate to 3%, triple the rate for all firms.But then there is this report by bcentral.com, suggesting that small businesses have never had it so good with the IRS: "Audit rates for small businesses plummeted in the 1990s. In 1997, the IRS audited more than 4% of all sole proprietors with total gross revenues of at least $100,000; by 1999 that figure was down around 2.4%. The audit rate for sole proprietors with total gross receipts of $25,000 to $99,999 fell to 1.3%. I'm not sure how to reconcile these two reports. Perhaps they are perfectly consistent, inasmuch as they focus on different size levels within the small business segment. But there is one trend everyone seems to agree upon: in the future, the IRS will be conducting more audits on American small businesses. The IRS has restructured and is hiring 2,200 new auditors in part to focus on enforcement efforts with small business. Somehow I am not surprised, given the significant role that small business is playing in driving the U.S. economy. |
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