You may want to add “get organized” to your new year resolutions. During tax time this year, the IRS has stated it will begin a special initiative to audit individual income tax returns with Schedule C’s that show a loss.
In particular, the IRS plans to focus on certain industries in its audits, including craft sales, photography, art, and writing. In a recent article for Chicago Artist Resource, CPA Julie Herwitt explains the changes and advises people in creative industries how to prepare.
We’ll post more helpful links as we find them!