For those who own a business

[IowaHunter]

Where are they going to find 86,000 people that want to work?

Inner cities - more government jobs. Pay for those votes.

[ForEverlast]

No
Not really that is what my CPA is for
No-I work 24/7 all of us that own businesses do so when I wake up it is a business expense to take a shower!

onward,

[RiverRat1]

No
Who isn’t? But at same time we pay a cpa dang good money to worry about that for us.
Nope, will just continue to have our CPA do their thing.


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Do CPAs worry? Every CPA I ever used makes me sign something that says they are not liable for jack squat and if I get audited I pay CPA hourly rates.

[Clearfork51]

1. Yes
2. No
3. No

[Drycreek3189]

1. Have you ever been audited by the IRS?
2. Were you in past years worried you will eventually be audited?
3. Are you going to start doing anything different now that they are going to hire 86,000 new IRS agents?


My answers.
1. No
2. I was always worried. Because it would be a huge pain and cost lots of money to prove the company paid enough in taxes. That and we all know taxes can be done 1,000 different ways so there's no telling the BS they'd come up with.
3. I don't have a business anymore but I'd sure walk the straight and narrow line and spend extra time documenting it with CPA.

My ansers pretty well mirror yours. When I was in business we had an ex-IRS agent as our CPA so I felt pretty good about that. In retrospect, that was nearly 20 years ago and it was truly a far different atmosphere.

[coachk]

Just started my "business" this year, retro to Jan 1...I don't have the slightest idea what I'm doing as far as taxes go so hired a CPA 2 weeks ago to try and manage that end of it...we'll see how it goes! I'll prob ly get audited now...lol

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[rjtkdplus]

Yes, twice. Owed more money (due to an entry error on my part) the first time, nothing the second time.

I was always worried, but now that I’ve been there a couple of times, I’m not worried.

No.

[RiverRat1]

https://twitter.com/unusual_whales/status/1787834015309013412

Right opposite of what we were told. But I suppose I was dumb to question the new IRS agents LOL

[cashcropper]

I have a small business(LLC with rental properties). Yes we have been audited due to errors my tax person at the time made. The auditor said our books were better than 95% of business owners but that the error was still on us. The only thing we do different now is we have a different tax guy.

[miket]

After what I have paid the last 3yrs, if I get audited I will probably lose the ability to be civil and end up in jail.

[SmTx]

https://twitter.com/unusual_whales/s...34015309013412

Right opposite of what we were told. But I suppose I was dumb to question the new IRS agents LOL

Too expensive to get tied up in big audits so take the low hanging fruit 🙄

[Chompers]

Yes
No
No

[asu-indian]

No
Not really that is what my CPA is for
No-I work 24/7 all of us that own businesses do so when I wake up it is a business expense to take a shower!

onward,

So true. I have two businesses and usually take two showers a day.

[Playa]

https://twitter.com/unusual_whales/s...34015309013412

Right opposite of what we were told. But I suppose I was dumb to question the new IRS agents LOL

I bet of the remaining 37%, 36% audited had income of $201k-399k, with a single percent for $400k+….

[Landrover]

Yes, we have been audited over the last 22 years.
Yes, will probably be audited again.
No, we do things by the book but it is not unusual for them to inquire about various sections of our returns.