What You Should Know About Audits

In any business, audit techniques will be different.  All small business owners need to be prepared in case of an audit.  Recently, Bonnie Lee of Fox Business News discussed this topic as it pertains to farmers in her article "What Farmers Need to Know About Audits".  Read more: http://smallbusiness.foxbusiness.com/finance-accounting/2012/06/27/what-farmers-need-to-know-about-audits/#ixzz210Lvps4N

New Office Opens in Pawleys Island, SC

In addition to its Charlotte, NC office, Gerald Yarborough, CPA now has an office in Pawleys Island, SC.

$28.5 Billion Tax Refund on NC Senate Floor This Week

Small businesses could receive a tax break, if the U.S. Senate can pass the Small Business Jobs and Tax Relief Act, an estimated $28.5 billion tax-refund program that will be on the Senate floor this week.
According to a recent study by Regional Economic Models Inc., the tax cut may create up to 1 million jobs nationwide, including 27,000 in North Carolina. Most of those jobs would be in health care, construction, manufacturing, finance and retail industries, the study says.

Read more about the Small Business Jobs and Tax Relief Act in today's Charlotte Business Journal.

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Follow us on Twitter at https://twitter.com/#!/YarboroughCPA

Facing an IRS Audit?

Many tax returns are selected by the IRS for audit. If you are faced with an IRS audit, you want to be confident that you will be well represented. IRS problems can be minimized by proper handling of an IRS audit. You may want a business advisor that you can call to discuss anything that is on your mind. Who is better qualified than your CPA?

Here is a recent Audit Success Story:

An IRS Revenue Agent (IRS RA) proposed adjustments to a client's Corporate Tax Return for two years.  Another CPA said this IRS RA would not budge on the issues, but that his client wanted some reduction in the adjustments.  After we got involved, the adjustments were reduced by $13,500.  This was enough to resolved the Audit for the client.  Now the Audit is behind him and he can get on with his life!

If you need help with the IRS, give Gerald Yarborough, CPA today at (704) 759-3900. 

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We Help You Get Caught Up With Unfiled Tax Returns

At the Gerald Yarborough, CPA firm we help you get caught up with unfiled tax returns.

Many small business owners and individuals come to us because they haven’t filed tax returns for a number of years. The IRS may have contacted them because of their failure to file or they may want to catch-up on their filings for other reasons. In either event, we assist with the best program tailored to their individual need to solve the non-filing problem to their best advantage.

Many times we access our clients’ information from the IRS database plus we use the information provided by our client. This approach helps us file tax returns that are all inclusive. An “all inclusive” tax return minimizes the chances that IRS will respond with an audit of the return or a request for additional information. It also makes the returns hassle free for the IRS and very unlikely to be an audit target. 

Read more about how Gerald Yarborough, CPA can help.