Business owners all over the U.S. have been getting bombarded with letters from the IRS that seem to have everyone in a frenzy. These letters are asking if they have been properly reporting all of their cash income because apparently, the IRS feels that these small businesses aren’t being truthful about how much $$ they’re ACTUALLY bringing in. Could the IRS be purposely targeting small business owners?
Everyone fears the dreadful “audit” word, but according to the IRS– these letters these small businesses are receiving is nothing like that (or so they say.) The title of these letters start off by saying, “Notification of Possible Income Underreporting.” Supposedly, the point of these letters is to just gather more tax information from these businesses to make sure everything is being reported properly and have no intentions of inflicting fear upon business owners.
If you received a letter like this from the IRS, would it pressure you to file all of your tax info as correctly and efficiently as possible? Seems like they’re ganging up on small business owners around the country, but what else is new. Let us know your thoughts on this new “program” they’re enforcing.