IRS reaches out to California's restaurants. (IRS News).The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. is debuting a new outreach program for restaurant owners restaurant owner n → dueño/a or propietario/a de un restaurante and others in the food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. industry. Prominent on the menu are two critical ingredients for correct and timely filing: accurate reporting of business income and sales. The IRS says its goal is to help restaurant professionals get it right the first time, thereby reducing the need for post-filing examinations and amendments. What prompted the effort? A recent IRS study of the California food and beverage industry found significant discrepancies when it compared business income reported to both the Board of Equalization In communications, techniques used to reduce distortion and compensate for signal loss (attenuation) over long distances. and IRS. With that in mind, the IRS has directed its outreach effort toward the food and beverage professionals in the small business community to help them create a better recipe for preparing tax returns. Notification letters are being prepared for those businesses that may have a discrepancy DISCREPANCY. A difference between one thing and another, between one writing and another; a variance. (q.v.) 2. Discrepancies are material and immaterial. . The letter prompts restaurant owners to review their current and past years' returns and specifically instructs the taxpayer to contact their tax professional if discrepancies are found. |
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