Tax & Legal
Agri-Businesses Need to Use “Horse” Sense to Avoid an IRS Audit
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| Jennifer Foster, President, Foster Results LLC |
www.fosterresults.com
If you own horses, a farm or livestock, chances are you could be headed for an audit by the Internal Revenue Service. As an industry, equine businesses in particular are notoriously poor record keepers—and the IRS knows it. Running a part-time business and relying on contract employees and seasonal managers easily pushes an agri-business to the head of the audit line.
Of all of the small businesses audited in the 2007 fiscal year, 27 percent were farming, ranching, or horse operations.
Apr 24, 2009, 14:00
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