Nobody likes to think about tax audits, but they are a fact of life for many business owners. Collision repair has been picked as one of over 25 industries for special attention by the IRS - and we don’t mean candy and flowers!!
Chances are all too good that, at some point, you will be subjected to an audit. What is the IRS looking for? The manual identifies five key items to look for when an agent does an initial "walk through" of the business. Key financial areas (for the IRS) such as 1099 compensation, sublets, cash deductibles, referral payments, shop ownership/maintenance of "toys," owner compensation, building ownership and rent are covered in detail with examples of questionable practices and identified fraud taken from actual examinations.
INSIGHT incorporates the IRS document (Training 3149-127(8/95) TPDS No. 83999S) into a valuable book providing "INSIGHTs" into the tax investigation process, and pointing out what you need to know to avoid the big problems an IRS agent can cause. With an introduction by Rex Dunn, president of SOS, the accounting firm working with over 200 collision repair shops nationwide, plus INSIGHT’s guide to financial and operating ratios for "Top 25%" shops, this IRS Guide for Collision Repairers will not be gathering dust on a bookshelf in the back room!