Advisors be forewarned: your small business clients are more likely to be audited next year. The IRS is beefing up its ranks of auditors, and doing more audits, according to a leading accountant addressing the Financial Planning Association of New York’s spring forum.
“With everybody losing jobs, the biggest hire is the taxing authorities. They are hiring left and right to do audits,” said Mark Josephson, partner at New York City-based Murray & Josephson. “Contrary to what you might be reading in the press, when I speak to an auditor, and they say, ‘Yeah we just hired 31 people in our department,’” he said.
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