UNDER THE IRS GUN

September 16, 2008
Michael Sheehan

Physician's Money Digest, July15 2003, Volume 10, Issue 13

The IRS estimates that the taxgap between what taxpayers owe andwhat they pay is at least $285 billion,and a big part of the shortfall originateswith small businesses (ie, companieswith less than $10 million inassets). This group, which includesmost medical practices, shelled out$915 million in taxes in 2001, but theIRS thinks the government is entitledto more, so the agency has scheduled34,000 face-to-face audits with smallbusiness owners over the next 2years. New software is also helpingthe IRS match income reported byS-corporations and partnerships withpersonal returns of the business owners.Make sure your practice is up tospeed in its IRS obligations so thatyour nest egg doesn't get any unexpecteddeflations.