IRS reaches out to California's restaurants. (IRS News).The IRS is debuting a new outreach program for restaurant owners and others in the food and beverage 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 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. 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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