Direct Sellers and MLM’s! – the IRS is looking for you!

Posted on August 14, 2011 by JFleming

In an ongoing effort to find unreported or underreported revenues, the IRS has now created a video for Direct Sellers and MLM’s.

This video is to “help” you properly record and report your income each year.  It also helps you determine if you really have a business or a hobby.  (The tax laws treat each differently).

The video Direct Sellers is about an hour long but very information and instructive.  It will help you understand the value of getting and keeping your bookkeeping in order and help you understand what the IRS will be looking for in case of an audit.

By the way, the IRS has created an ATG (audit technique guide) for its agents for the Retail Industry.    They include Direct Sellers in the Retail Industry.   This guide walks agents through the audit process for the Retail industry.  If interested, you can view the guide, again quite instructive.

As usual, if you have any questions, please feel free to reach me at 240-356-5050.   To Your Financial Health!

 

About JFleming

Fleming Financial Solutions provides HOPE – Helping Others Prosper Effectively! You get 30 years of accounting experience in industries as varied as architecture, home building and improvement, haircare, childcare, computer services and network marketing. We help our clients keep more of what they make through tax planning, accounting and business consulting.
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One Response to Direct Sellers and MLM’s! – the IRS is looking for you!

  1. Linx says:
    August 18, 2011 at 7:25 am

    Good points all around. Truly apprecaited.