The IRS is on a mission to close the tax gap between income Americans earn and income Americans report on their tax returns. As part of this mission a set of four new under-reporting letters is issued by the IRS. If you receive a Notification of Underreporting, contact the Medford Tax Experts today. A delay will only magnify and exacerbate the problem.
IRS attention to close this tax gap of almost $400 billion is spent on non-W2 wage and earned income. If you run a small business, you are obligated to keep source documents and adhere to generally accepted accounting practices.
Divulging poor record keeping habits to the IRS will create massive headaches for you. The penalties for willful neglect will cost you a lot of money and consume a tremendous amount of your time. Contact the Medford Tax Experts for assistance with your record retention responsibilities.