If you needed another reason to think about converting your sole proprietorship into a business structure, a recent announcement by the GAO (Government Accounting Office) suggesting that the IRS pay particular attention to sole proprietor tax returns should help.
I’ve mentioned that IRS audits are going up as our cash-strapped government looks for ways to find money, and sole proprietors are, as usual, squarely in the crosshairs. The combination of a lack of business records together with the potential for abuse and accidental co-mingling of personal and business expenses is often a sure-fire win for government auditors.
The full GAO announcement is part of this week’s What’s Hot. I also want to tell you about a recent ruling on Limited Partnerships, that leaves personal General Partners exposed! Click the link below to visit TaxLoopholes.com and read the rest of the story!
GAO Targets Sole Proprietors
General Partner Responsible for Bankrupt LP’s Debts
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