Michigan State University Extension
Home-Based Business - 09159416
10/01/98
The Internal Revenue Service has developed a new Market Segment Specialization Program which will research about 80 market segments and then publish auditor training guides that include data on how these businesses are structured and typically conducted. The guides will also detail tax issues most commonly flagged for compliance problems, how to approach an audit, and statistics of average earnings and expenses.
The first seven of these audit guides have been issued, and the following businesses are included: air charters, attorneys, bed-and-breakfast establishments, gas retailers, mortuaries, taxicabs, and truckers. Future studies will focus other professions that are often operated out of home offices. The IRS intends to make this new information available in the form of public statements, articles and seminars.
To get a complete list of audit guides, or copies of any particular guides, reference the Market Segment Specialization Program and write to: Internal Revenue Service, Freedom of Information Act Reading Room, P.O. Box 388, Ben Franklin Station, Washington, DC 20044.
Source: The IRS's New Focus on Small Business, Home Office Computing, April 1994.