Publisher's Synopsis
How can a bed and breakfast business survive . . .
The first major overhaul of the tax audit system in the past 50 years?
MSSP, an organized IRS program that targets the bed and breakfast industry?
Specially trained IRS agents with unprecedented fingertip access to public archives, industry statistics, and the tax history of any business?
With IRS Audit Protection and Survival Guide Bed and Breakfasts
New strategies and techniques for audit self–defense
And don′t miss these other IRS Audit Protection and Survival Guides available now from Wiley:
- Trucking Industry
- Bars and Restaurants
- Attorneys
The bed and breakfast industry is one of the prime targets of the IRS′s Market Segment Specialization Program (MSSP). Using a newly developed industry specific Audit Technique Guide and the latest in computer and communications technology, agents specially trained in the finer points of bed and breakfast operation and accounting are putting the tax returns of thousands of businesses under a very powerful microscope. Now more than ever, it is vital for CPAs and bed and breakfast owners and managers to anticipate IRS actions in order to avoid an audit or to survive one should it occur.
IRS Audit Protection and Survival Guide: Bed and Breakfasts helps businesses prepare for this intensified scrutiny. It explains the issues in the IRS MSSP Audit Technique Guide for the bed and breakfast industry and describes specific changes in the IRS approach to examining bed and breakfast tax returns. Prescribing a series of audit self–protection strategies and techniques for the entire industry, former IRS agent Gerald Bernard and coauthor Daniel Baran bring all of their combined 40 years′ experience to bear in analyzing the program′s effects on key areas of taxation. Topics covered include:
- Sources of income
- Expenses and record keeping
- Internal Revenue Code Sections 183 and 280A
- Employee costs and payroll issues
- Planning, establishing, or terminating a business
- Property acquisition, conversion, or sale
- Sole proprietorships, corporations, and transfer of ownership.
Supplemented with relevant IRS forms, tables, and regulations, this is the ultimate road map to the changing tax landscape for CPAs, bed and breakfast operators, and tax attorneys.
