Small Businesses to Give Input on Audits

Small Businesses to Give Input on Audits

The IRS has launched the Small Business/Self-Employed (SB/SE) Exam Reengineering Project to improve the audit process for small-business owners and self-employed individuals by reducing audit times, ensuring fairness in the process and encouraging tax compliance.

IRS project teams will interview other IRS employees and members of small-business and tax practitioner groups to get feedback and suggestions about the agency’s audit process. The IRS hopes that by using the diversity and expertise found in the private sector it can significantly improve the audit selection process and begin implementing changes in fiscal year 2002.

The SB/SE division serves 45 million taxpayers including small-business owners and self-employed individuals. These two groups contribute $915 billion in taxes annually and consist of 7 million small businesses, corporations and partnerships and 33 million self-employed and supplemental income earners. More information can be found at . (IR-2001-68)


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.