We’ve known for some time of the IRS’ stated intent to educate at least one member of every audit team with advanced knowledge of Quickbooks and Peachtree Accounting. Given that these two programs have over 80% of the small business software market, one could understand this goal.
The unsettling news is that IRS intends to routinely
demand a backup copy (and the administrator’s password) of your Quickbooks or Peachtree file on any business audit!
Just consider what’s in that backup file:
- Administrative passwords that are often duplicated on your business server and other programs,
- Credit card information on your customers,
- Employee’s social security numbers, birthdays, and other personal data,
- Trade secrets via special product vendors, patent amortization data, customers lists, etc., etc.
We have firsthand knowledge of this request being made to some clientele.
SCA has developed some specific ideas on how you should handle this request. Current clients should email us for details.
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
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10 Major areas of tax reform via our infographic- August 31, 2018
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It pays to keep it all in the family- August 10, 2018