Credit Card Transactions Pose Audit Risks For Business Owners

2017-11-20T21:18:20-05:00December 21st, 2017|

Small business owners beware: the IRS may scrutinize reporting of credit card transactions more closely after it was criticized for lax enforcement. The IRS' overseer, the Treasury Inspector General for Tax Administration (TIGTA), recently said the IRS had been missing opportunities to audit tax returns that had large discrepancies between income and the card payments [...]