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Business Consultants Edition

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IRS Tax Audit Manual for Business Consultants

Business Consultants Are Problem Solvers. Solve Your IRS Tax Audit Problem NOW!

Business Consulting is one of the fastest growing industries in the world today. This trend is a result of the many changes occurring in the world economy. During the past two decades, the business community has been downsizing which has caused the displacement of many workers. These displaced workers have created a growing industry now known as consulting. Some of these former employees are now contractors who are engaged by the same company and/or industry which previously employed them.

Why Are Business Consultants A Target For An Internal Revenue Service Audit?

The Bureau of Labor Statistics estimates 8.5 million people worked as independent contractors, independent consultants, or free-lance workers, accounting for 6.7% of all U.S. workers in their Current Population Survey. There are an estimated 5 million home-based workers who called themselves consultants.

The IRS is well aware that, although you may be an expert in your specific niche industry, you are not good at keeping the required books and documentation that would help you survive an audit.

Unless you are a Business Consultant for the Internal Revenue Service – You Absolutely MUST HAVE The IRS Tax Audit Manual for Business Consultants. Download your copy NOW!

The IRS Wants Your Rolodex! Consultants commonly use a rolodex system and strategic alliances in order to fulfill their contracts. A rolodex system is a collection of companies and/or other individuals with different expertise that a person can refer to in order to obtain various services needed by their company. Normally, there is an informal agreement to make use of each other’s services whenever possible. A strategic alliance is an affiliation with other companies whose expertise varies from their own. This is done with the intent of providing full service to a client. Each affiliate works as a member of a team to fulfill the requirements of a contract. Thus, these alliances can provide one stop shopping for a client and act as a virtual company.

Potential Audit Issues:

  • Travel
  • Independent Contractor vs. Employee
  • Meals and Entertainment
  • Personal Service Corporation
  • Not-For-Profit Organizations
  • Reimbursed Expenses
  • Value Based Arrangements

Recognizing what the IRS will be looking for when conducting an audit will help to ensure a successful outcome. Reserve your manual NOW!

TABLE OF CONTENTS

  • Objectives vii
  • Other Required Material vii
  • Chapter 1: Market Segment Definition and Overview
    • Introduction 1
    • Market Segment Definition 1
    • Common Practices 2
    • Returns Examined 3
    • Internal Control 3
    • Conclusion 3
  • Chapter 2: Potential Issues – Travel
    • Introduction 4
    • Pre-Audit 4
    • Audit Techniques 4
    • Law 4
    • Research Material 6
    • Uniform Issue Numbers 7
  • Chapter 3: Independent Contractor vs. Employee
    • Introduction 7
    • Pre-Audit 7
    • Audit Techniques 8
    • Law 8
    • Other Information 11
    • Research Material 11
    • Uniform Issue Numbers 11
  • Chapter 4: Meals and Entertainment
    • Introduction 11
    • Pre-Audit 12
    • Audit Techniques 12
    • Law 12
    • Research Material 13
    • Uniform Issue Numbers 13
  • Chapter 4: Personal Service Corporation
    • Introduction 13
    • Pre-Audit 14
    • Audit Techniques 14
    • Law 15
    • Accounting Method 15
    • Tax Rates 15
    • Passive Losses 15
    • Taxable Year 16
    • Employee-Owner Compensation
    • Deduction Limitation 16
    • Tax Avoidance by Personal Service
    • Corporations 16
    • Uniform Issue Numbers 17
  • Chapter 5: Not-for-profit
    • Introduction 18
    • Pre-Audit 18
    • Audit Techniques 18
    • Law 18
    • Research Material 20
    • Uniform Issue Numbers 20
  • Chapter 6: Reimbursed Expenses
    • Introduction 20
    • Pre-Audit 21
    • Audit Techniques 21
    • Law 21
    • Uniform Issue Numbers 22
  • Glossary of Terms 23
  • Exhibits:
    • Exhibit A Demographics 25
    • Exhibit B List of Associations 27
    • Exhibit C Internal Control Questionnaire 29
    • Exhibit D Sample Information Document Request 33
    • Exhibit E Interview Questions 35
    • Exhibit F Employee/Employer Category of Evidence 37
    • Exhibit G Section 530
  • Questionnaire/Workpaper 41
  • Bibliography 43
 
Don’t forget – The IRS Tax Audit Manual for Business Consultants is tax deductible as a business expense!