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What Every Dentist Needs to Know About the IRSby Ken Rubin, CPA, PFS
If you go to www.usdebtclock.org you will instantly understand our country’s necessity to collect as much tax as possible. It’s like watching a gasoline pump meter, and for every minute you see $1,000,000 get added to our $18 trillion deficit.
The number of IRS audits has definitely increased, and the auditors mean business. We enjoyed a tremendous lull in audits from 1998 until about 2012 due to the kinder, gentler IRS that was forced into existence. Now they are armed with modern technology. Fortunately, with the exception of a couple areas that I will cover later in this article, they are not specifically targeting dentists…yet.
If your number comes up and you happen to be selected for an IRS income tax audit (“examination”), there are some definite strategies to achieve the best outcome possible. Your first step should be to have your CPA fill out a Power of Attorney for you to sign so they can represent you and haveall conversations with the IRS. Even if you have nothing to hide, the auditors are very well-trained to go on fishing expeditions with their questioning, which can lead to a lengthy, horrific...
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