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Auditing/Attracting the IRS
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Question
Are there any particular things that will red flag your business EIN and or personal SSN to the IRS? I was looking into a Money Market fund but I was told these attract IRS attention. I do pay my taxes but I cannot say I am 100% honest about everything. Please let me know if you can think of anything that will give the feds a heads up!
Thanks.
First of all, I commend you on your honesty. Second, who among us IS totally honest with our taxes (smile).
Having said that, and not knowing your business situation, I understand that home offices and associated expenses are often suspect. Also from a more formal business entity, the status (full-time employee or contract employee) of employees is suspect if there seems to be an inappropriate relationship between employee taxes & FICA withheld and other financial performance indicators. I don't know what indicators are used or what ratios are expected, though.
I want qualify my response by telling you that I am not a tax expert so my answer to you may not be entirely accurate.
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Don Sadler
Expertise
I can answer regarding Internal Auditing - especially operational audits, audit management, and how to revitalize a dysfunctional audit department. Also give advice to "auditees" on how to deal with auditors.
I DO NOT ANSWER HOMEWORK OR CLASS PROJECT QUESTIONS. For those answers, I suggest you scan previously asked questions and search on your favorite search engine.
I ALSO DO NOT ANSWER TAX QUESTIONS AS THIS IS NOT WITHIN MY EXPERTISE.
NOTE: I am not an accounting expert although i will try to help if I can... ask at your own risk.
Experience
I have worked in the public and private business management arena with experience in OMB, Resource Management, Internal Auditing and consulting. I am a former President of the Inland Empire Chapter Institute of Internal Auditors, previously held Director positions in the Orange County Information Systems Audit and Control Association and the Northern Telecom International User's Association. I am a Certified Fraud Examiner and a Certified Information Systems Auditor.
Organizations
Institute of Internal Auditors, Association of Certified Fraud Examiners, and Information Systems Audit and Control Association (ISACA)
Education/Credentials
MBA, CISA, CFE
Founder and Principal of Applied INTEGRITY Management Consulting Group
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