Taxpayers showing losses on Schedule C are in the spotlight

The Treasury Inspector General for Tax Administration (TIGTA) has issued a report presenting the results of a review to determine what actions the Internal Revenue Service is taking to address noncompliant, high-income Small Business/Self-Employed (SB/SE) Division taxpayers who claim business losses using a U.S. Individual Income Tax Return (Form 1040) Profit or Loss From Business (Schedule C) for activities considered to be not-for-profit. This audit was part of the Treasury Inspector General for Tax Administration’s Fiscal Year 2007 audit plan.

Complete article can be hound here:
http://www.accountingweb.com/cgi-bin/item.cgi?id=104021

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