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Contractor’s Audit Guide – Introduction to IRS Audits

Construction Industry Standards / By David J Hoare MSA / 12/02/2018 10/06/2020

In 2009, the Internal Revenue Service issued the Construction Industry Audit Technique Guide (ATG) for use by IRS agents and for contractors. The contractor’s audit guide explains the processes and methods the IRS uses to examine a contractor. The end goal is to verify actual taxable income over an assigned tax year for a contractor. The IRS recognizes that this industry is complex and utilizes multiple methods to establish revenue and net profits. It is so complex, the guide is 257 pages long.

This article introduces the guide and its major sections and how to understand what areas are applicable to your construction company.

Pizza Restaurant Audit Guide used by the Internal Revenue Service

Food Service Industry / By David J Hoare MSA / 02/15/2015 07/10/2020

In the mid 90’s, the Internal Revenue Service created an audit guide specifically for pizza establishments. Today, this guide along with the Retail Industry Guide, specifically Chapter 4 which covers the examination techniques for the food service industry is used to audit the typical family style pizza restaurant. If you own a pizza restaurant, this article is designed to prepare you for an audit.

Effective Internal Controls for Cash

Accounting Systems and Technology / By David J Hoare MSA / 03/18/2013 07/28/2020

All businesses should have internal controls to deter fraud, detect theft, and preserve assets. Of all the assets, cash is the easiest to misappropriate. Effective internal controls for cash prevent the proverbial hand in the cookie jar.

What is an Audit?

Income Taxes / By David J Hoare MSA / 03/07/2013 10/10/2020

An audit is defined as a methodical examination. Audits are grouped into two principal sets – financial and organizational compliance (usually related to licensure). For the small business entrepreneur, it is almost unheard of for them to have an organizational compliance audit.

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