You have probably received the same sort of letter from your accountant that my CPA sent me and all her other clients the other week. It has to do with a new law that gives the IRS the right to ascertain that tax preparers maintain client files that show complete and accurate income and expense details.
It all makes perfectly good sense to me – reporting gross receipts, mileage expense recording, charitable contributions’ receipts, etc., etc., etc.
One sentence in particular stood out for me: “The IRS expects you to make a profit in 3 out of 5 years.”
That seems like a no-brainer to me! If your business cannot produce a profit in 3 out of 5 years, you ought to close its doors, or make such changes that will get it to be profitable again in no time at all.
I hope your business has been profitable in 2010 and will be so again in 2011!
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