Last time, we started discussing how small business owners must maintain constant vigilance regarding tax-related matters, as they are always under the watchful eye of the Internal Revenue Service.
If you are a small business owner, chances are very good that you are breathing a sigh of relief now that tax season is well behind us, as you are free to get back to the business of making money. Even better, you can feel relief knowing that the threat of an audit is receding with each passing day.
Most of the world is still abuzz over the recent release of the so-called Panama Papers, meaning the leak of roughly 11.5 million confidential corporate documents from the Panama City-based law firm Mossack Fonseca to the International Consortium of Investigative Journalists.
As a business owner, your primary objective has always been doing everything in your power to help your enterprise not just grow, but thrive. To that end, you do whatever it takes on both a micro- and macro-level to ensure the continued success of your operations from carefully managing inventory to studying the spending habits of your customer base.
With the 2016 tax deadline officially in the rearview mirror, the focus of the Internal Revenue Service will now shift to identifying and investigating those returns that have raised red flags among reviewers whether due to omissions, inconsistencies or other issues.