Retail is one of the largest industries in the U.S. The IRS’s Audit Technique Guide on the retail industry has been updated to help IRS examiners when auditing income tax returns of businesses in the retail industry. The guide incorporates practical procedures and techniques that are unique to the retail industry, with the objective of determining whether the reported income and expenses have been accurately reported. #IdeaoftheDay
Important: The deadline for applying for a PPP loan runs through May 31, 2021.