Form 1120 C Audit 2023-2024

Welcome to chapter one why the IRS would on it a Schedule C if you're a self-employed and or a limited liability company with single shareholder and follow Schedule C this is a must see video the Schedule C is the most heavily audited form by the IRS 7% of all scheduled seeds for this self-employed are audited in 2024 over two point two million people filed a Schedule C so over one hundred and fifty eight thousand people were audited on their tax return why the IRS did not believe them so how can you prevent from being audited by the IRS well in theory you just list all of your revenue and expenses which gives you your net income simple right however everyone keeps accurate records and they end up guessing how much they made and spent this is why you are watching this video by 1040 return com we will give you tips on what the IRS is looking for when they audit a return first you have to realize that the IRS are not a bunch of idiots the most important item that you will fill out on the Schedule C is the standard Industrial Classification better known as the SiC code the SiC code is the classification of your business over time the IRS has developed a formula for each business classification in regards to what they should be making as a net profit within that net profit the IRS will look for large swings and expenses in revenue obviously the IRS does not release that information however with a little common sense and help from 1040 return com you can prevent from being a target of an IRS audit in Chapter two we will discuss revenue cash versus credit card transactions and 1099s in...