Is the IRS going after John Galt?
[I]f you're a small business person, either as a partnership or a Schedule C filer reporting self-employment income on your personal tax return, make sure you take extra care with your returns.
There's a good reason for the IRS' increased interest in small business filers. Because self-employment income typically has no verification mechanism (i.e., the IRS can't double check much of it in the way it can verify wage income via an employer-issued W-2), tax officials believe that many small business people underreport their income.
Since many small business owners are near that $250,000 cusp of the Obama tax plan, one must wonder.
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