"Gary Bode has just completed our tax returns for the first time and I am totally satisfied with his level of service. He has been very attentive, asked all the right questions, and not only fixed some problems from our previous accountant, but also set us up for future success through a thorough and professional analysis of our corporate structure in conjunction with several personal variables.The IRS says it will increase the tax audit rates of Form 1065 for “several” years, starting in 2012. The IRS audited 13,770 Partnerships, out of the 3.4 Million Form 1065(s) filed last year. But the “no change” rate was 46%. So Form 1065 CPAs suspect the IRS might be tuning up its selection process on which Partnerships to audit. For tax audits that did find changes I suspect that dollar amount is about $100,000, through inference to a published S Corporation figure.
What to expect on a Form 1065 IRS audit. Here’s an earlier post on Form 1065 tax audits.
- Close examination of the Partner’s equity accounts. Who put what into the Partnership and who took what out.
- Undisclosed Income: nothing special here, this is a given on almost any audit.
- Employees being paid as subcontractors. Here’s our post on this IRS issue and their remedial VCSP.
- Verification of deductions.
I’m a Form 1065 CPA with a virtual office to serve your Partnership where ever you are. Distance isn’t factor. Please read a few of the hundreds of posting on this website to help eval my abilities and proactive philosophy. For a free phone consult call (910) 399-2705.
Leave a Reply