IRS looking for underreported income

About 20,000 small business owners have received a letter from the IRS entitled “Notice of Possible Income Underreporting” as the IRS tries to crack down on underreported income by small business owners. This comes as the IRS promises to step up audits of small businesses. You will have 30 days to review your tax returns for errors and respond to the letter. The key is not to panic or ignore the letter. Simply review your returns and if you find errors, follow the directions for reporting and explain errors. Ignoring the letter can create more problems than finding a simple error.

For more read, “IRS ‘Income Underreporting’ Notices: What to Do?”

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