Filing Expense Accounts for Taxes

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Introduction

Need help filing your business taxes? Learn how to file expense accounts on your tax form in this free video clip about small business tax tips.

By: Tom Choisnet

Source: Expert Village

Length: 1:50

Comments: 0

Tags: business management tax help taxes

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All Videos In The Series, "Tax Deduction Tips for Businesses"

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Video Transcript

"Hi, I'm Tom Choisnet and your old agent. I'm going to talk here in this section about IRS audit selection. I'm one of the preparers that was around when the audit system was developed into the fine process that it is today. Many years ago, they used to do what we call or what they call TCMP( Tax Payer Compliance Measurement Program). Where an unfortunate few people would have every line and every deduction, every scrap of income analyzed so that the program would have accurate data for determining what is too much in the way of deduction. From that they developed a program called DIF Scoring. DIF which stands for Discriminate Function Scoring so that they can pick out of the mass who would be most likely to achieve additional revenue on audits. It was quite an interesting experience. Today, they've got it much more refined. They use what we call a CP2000 program that sends letters to people whose files don't match what the IRS has. They raise a lot of money that way. Incidentally, they're not always right. Make sure you read them right. I have covered that in another program that I did here for Expert Village. Further, what I've found is that under the modern system, that little bell goes off in my head with some of the more aggressive preparers. You can almost tell who they're going to pick. They do a pretty good job of it. If your keeping the records and doing the best you can, your audit probability is very slim because it's down to about very most 2% of taxpayers. Keep it honest and keep good records. Thank you. Tom Choisnet"

eHow Article: Filing Expense Accounts for Taxes

Expert Village: Tom Choisnet

Video Series: Personal Finance

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