San Francisco, CA (PRWEB) June 28, 2012
Safe Harbor CPAs, a leading Small Business CPA firm, announces a new practice area focused on assisting S Corp businesses facing potential IRS audits. S Corps face increased IRS audit risk due to the so-called ‘tax gap,’ the difference between all potential taxes and actual taxes collected by the Internal Revenue Service. S Corporations that ignore common audit risks or audit flags are particularly vulnerable to expensive audits by tax authorities. In its new practice area, Safe Harbor CPAs works with small businesses to ensure tax compliance and avoid costly mistakes and audit risk.
“S Corporations are the second most popular form of business organization in the United States,” explained Chun Wong, CPA, managing partner at Safe Harbor. “Yet most businesses do not realize that certain audit flags exist that can increase the audit risk of S Corporations. Our new practice area focuses on work with many small businesses to minimize audit risk, especially S Corporations. Many San Francisco businesses choose this form of organization because of its tax advantages.”
For more information, go to:
S Corporation Audit Risk and Flags - The Big Picture
Except for the unincorporated sole proprietorship, the S corporation is the most popular form of small business in the United States. Yet the "tax gap" (the difference between what is owed to and what is collected by the IRS) has created strong incentives for the IRS to audit S Corporations throughout the United States, including San Francisco, CA, home to many technology and other start up small businesses. One area of particular interest is S corporatio
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