We attended the IRS Tax Forum in Las Vegas August 16 - 17 - 18. Like all meetings some good info, some bad and some so-so. One area the IRS has been working on is the document requests for audits now includes a copy of QuickBooks on DVD, CD or flash drive. They want the Admin and password to access the entire program.
Our concern is not the clients that we do their work in QuickBooks but the clients that do their own QuickBooks input. With the Admin copy the IRS can open and review every entry in accounting and payroll. They can match checks written to the W2s in payroll to make sure they balance. Which can lead to referrals for audits on your employees.
The IRS was trying to assure us tax preparers that they would not look at anything other than the years being audited. We all know that no one from the government would ever lie to us.
If you don't hire KatTax you should hire someone to review and clean up your QuickBooks files. If you think your QuickBooks are in great shape check the account for Undeposited Funds or does your bank balance match your bank statement.
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