Are you a sole proprietor? Did you know that Sole Proprietorships have the highest likelihood of an audit? In fact, they are 3-10 times more likely to be audited as a Sole Proprietorship Schedule C filer.
Here are some scenarios that might flag a Schedule C filer for an audit:
Are you proactively helping clients with entity optimization? Advising your clients on entity selection and optimization is crucial. Transitioning clients to an S Corporation, Partnership, LLC, or even a C Corporation can often minimize their tax liability significantly.
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