The Tax Counsel Podcast

One of the most unsettling things that can happen to any business is to find itself the subject of an IRS audit.

You're sorting your mail, and you stop when you see an envelope containing the tell-tale signs that it is a letter from the IRS.

With shaking hands, you open the envelope only to find a notice that your business' tax return for a recent year is under examination by the IRS.

Yikes! Your day just went from sunny to rain.

What's the first thing you should do when you get that dreaded IRS audit notice?

Listen to this episode of Einstein's Theory of Taxability to get some helpful tips on what your next steps should be.

It is imperative that small businesses are both careful and thorough in their tax analysis before they classify their workers as either employees or independent contractors.

Because the stakes are exceedingly high, and the IRS is aggressive and proactive when it comes to worker misclassification audits of small businesses.

So, today, Einstein's Theory of Taxability focuses on just what steps all small businesses should take to ensure they've done their due diligence in properly classifying their workers--on the front end, before a problem arises.

But if a problem does arise, and the IRS comes calling, there may be hope if the business can qualify for what is called "Section 530" relief. The specific requirements for Section 530 eligibility are discussed.

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You can learn more about DPS Legal Counsel at its website: https://dpslegalcounsel.com

Again, thanks for listening!