Certain items reported (or omitted) from your tax return may increase your chance of an IRS audit. Here are the top 12 items:
1. Failure to report all taxable income
2. Returns claiming the home-buyer credit
3. Claiming large charitable contributions
4. Home office deduction
5. Business meals, travel and entertainment
6. Claiming 100% business use of vehicle
7. Claiming a loss for a hobby activity
8. Cash businesses
9. Failure to report a foreign bank account
10. Engaging in currency transactions
11. Math errors
12. Taking higher-than-average deductions
For further information and examples of these areas, please contact us at 501.753.9700 or e-mail heather.hudgens@bellandcompany.net.
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