Do your business transactions involve a lot of cash? Because cash transactions are, or can be, anonymous, the IRS takes a special interest in "cash intensive" businesses. One indication of this interest is the "Cash Intensive Businesses Audit Techniques Guide" developed by the IRS. The goal of the guide is to assist IRS examiners in identifying specific issues, business practices, and examination techniques for businesses that primarily deal in cash.
What does that mean for your business? A cash business is generally not required under tax law to use a specific type of bookkeeping method. Still, the added scrutiny means you'll want to be particularly careful about maintaining books and records that accurately reflect your income and expenses. Here are three suggestions to get you started.
Please call us for more recommendations and guidance on establishing and maintaining a bookkeeping system that can help you support the income and deductions you report on your tax return.
Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain.Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at email@example.com.
For more free resources, such as Online Advisor Newsletters, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.
Art Bradley CPA & Janice Papais CPA
Monarch Accounting Group
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
It is always good to keep the record of all the business details, especially it is more important in cash intensive business. Honestly I can say that the whole content of your blog is completely an unique concept for me. But I genuinely like the third point that is practicing with good internal control very much. Because more cash flows always gives a chance to maximize the occurrence of errors. So, good internal control is on of the best way to reduce it.
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