[hockey97]

Hi I just courious about what the irs does to first year business...

I know someone that has paid there taxes but understating it.They now just bought a business and currently running it, they also bought a house.
The person past she was working as a Barber and her husband works at a 711.

I have heard from my accounting teacher that the IRS usally looks closely on your icome tax statment when you first open a business or a new owner takes over. After like 2 or 3 years they then just glance over stuff.

I was woundering if you would think this person could get in trouble with the IRS??

I am just courious .

[hugh009]

They would need a good entrepreneurial accountant to make sure they stay clean. They need to be very careful that don't mix personal and business.

[rogercbryan]

CPA CPA CPA.... don't try to go this alone. The IRS can be a bastard if you screw something up. I got hit with a $6000 tax bill last year because I didn't manage my income correctly (first year in business). Hire a professional ASAP!

[pboychuk]

eeek, i think i need to get an accountant, I have been considering it but figured I could do it on my own, however, i hate doing all the work and dont wanna get fined

[latinolive]

I haven't heard that the IRS usually looks closely at tax returns for businesses in their first year. It sounds like your friend may be in trouble with the IRS. Good Luck.

Carlos.

[hockey97]

well it's not a friend it's my aunt she has been hiding money from the gov and just bought a store and lived in a low income housing until she bought a business when she bought the business she bought a middle class house.
her husband meaning my uncle works at 711 and I am in college going for accounting and my accounting teacher told use that when you buy a business or create a buisness they for the 1st year at least would look at the papers closly to see any mistakes usally there are midstakes.

I am just saying I think my aunt my get introuble with the IRS becuse the money she has dosen't add up being a barber and having a husband that works at 711.

I am going to be a cpa in like 3 years lol so by then I should know this but thought if anyone would know or have some idea what could happen.

[ADVERTISE HERE!]

To answer your question, yes, if you don't pay your taxes, the IRS will be unhappy. Also, they are more likely to audit a new business.

[hockey97]

ok thanks jmenq2, my accounting teacher told us that the Irs watches closly to new businesses and new business owners and so I think somtime after april I will see if they go after my aunt. I am somewhat hopeing they do since she it rubbing it in my familes face that she is rich or somthing.