1099 CRNA Institute: Thrive as your own boss-Do S Corps Get Audited Less?

Video Transcription

Video Summary

The video discusses the audit risk for S-corporations compared to other entities. Statistics show historically low audit rates for S-corporations, with 50% resulting in no changes. The IRS uses algorithms like the DIF score to select audits based on undisclosed criteria. Factors that can trigger audits include high deductions, non-compliance with tax deadlines, income reporting errors, and industry-specific risks. Personal income reporting inconsistencies can lead to scrutiny, emphasizing the need for accurate reporting. Larger financial events like selling a business can also attract attention. Finally, random selection audits are a possibility, highlighting the importance of maintaining compliance to avoid unnecessary scrutiny.

Asset Subtitle

There is no definitive data or evidence to suggest that S corporations (S corps) are audited less or more frequently specifically for 1099 independent contractor Certified Registered Nurse Anesthetists (CRNAs).

Keywords

S-corporations

audit risk

IRS algorithms

tax compliance

income reporting