News & Events
First-Time Homebuyer Credit
Click here for information
Reporting Cash Receipts
Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, must be filed by anyone who receives $10,000 in cash in one transaction, or in two or more related transactions. Cash is defined as U.S. and foreign currency, money orders, traveler's checks, bank drafts, or cashier's checks of $10,000 or less. The due date for Form 8300 is within 15 days of the transaction.
The IRS has put together information on filing the Form 8300 at http://www.irs.gov/businesses/small/article/0,,id=159755,00.html
S-Corp Audits
S-Corporations are getting more audit scrutiny. About 5,000 will face line-by-line exams starting in October 2005. The IRS plans to use the results of these detailed compliance examinations to recalibrate its outdated audit selection formulas for S companies. Agents will watch out for cases where businesses pay little or no salary to owners in an attempt to minimize their employment tax liabilities.
News & Events
First-Time Homebuyer Credit
Click here for information
Reporting Cash Receipts
Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, must be filed by anyone who receives $10,000 in cash in one transaction, or in two or more related transactions. Cash is defined as U.S. and foreign currency, money orders, traveler's checks, bank drafts, or cashier's checks of $10,000 or less. The due date for Form 8300 is within 15 days of the transaction.
The IRS has put together information on filing the Form 8300 at http://www.irs.gov/businesses/small/article/0,,id=159755,00.html
S-Corp Audits
S-Corporations are getting more audit scrutiny. About 5,000 will face line-by-line exams starting in October 2005. The IRS plans to use the results of these detailed compliance examinations to recalibrate its outdated audit selection formulas for S companies. Agents will watch out for cases where businesses pay little or no salary to owners in an attempt to minimize their employment tax liabilities.