Are You a Schedule C Filer?
IRS Targets Schedule C Filers
The Internal Revenue Service plans to check for unfiled tax returns and look for unreported income from sole proprietors of small businesses during correspondence audits.
At WebCPA, their recent article details the recent change. New legislation Obama recently signed states that auditing staff of the IRS is tripling!
For all of you Schedule C people out there, this is a very good reason to Incorporate. Not just to limit the chance of audit but by Incorporation, but Incorporation lends credibility to your company. Many vendors, customers and suppliers prefer to do business with entities that are incorporated or operating as LLCs.
There is also advantages of asset protection, insurance advantages, and most of all…tax advantages.
Contact us if you would like more information about what is involved in Incorporating!