The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

Business deductions can pose problems for small businesses

Tax filing issues are often problematic for small business owners. This is often due to the simple fact that they have not kept up to date on current tax laws. One issue that can be particularly troublesome is business deductions.

Business deductions must be valid, and they must be properly recorded and the receipts made available in the event the business is subjected to an Internal Revenue Service audit. There is, however, one other issue concerning deductions, and it has to do with fraud.

Business identity theft

You likely have heard about identity theft plaguing consumers, but the same thing can happen to businesses. In fact, this kind of identity theft has been increasing in the past few years. The perpetrators have figured out that they can obtain larger tax refunds with the stolen identities of businesses, for which they claim both business deductions and credits. The Treasury Inspector General for Tax Administration believes that over $11 billion in fraudulent tax refunds will be issued by the IRS in the next few years because of illegally obtained Employer Identification Numbers, or EINs.

Failures to avoid

Identity theft aside, businesses should not fail to organize and record deductible expenses. Whether a business lunch or a purchase of office supplies, deductions mount up. Every one represents savings for the company. However, it is essential that each deduction has a legitimate business purpose and the receipts for the purchases be carefully maintained. Failure to do so might result in costly fines from the IRS.

Keeping current

Tax penalties of all kinds can be stiff. If a small business fails in any way to conform to current tax laws, the resulting penalties could cause the company to close its doors. Whether the company is fighting identity theft or grappling with the proper recording of business deductions, the importance of staying up to date with the latest tax rules and regulations cannot be overstated.

No Comments

Leave a comment
Comment Information
Email us for a Response

Talk to an Attorney

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

Phone: 770-884-6914
Fax: 770-933-2369
Atlanta Law Office Map

Payment Cards