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Archive for October 27th, 2010

IRS Working With QuickBooks Files

Posted by taxguru on October 27, 2010

From the latest IRS email newsletter:

IRS Begins Accepting Taxpayer Records in Electronic Format – 

I understand some tax pros are worried about the IRS’s plan to start using QuickBooks files during audits; but I’ve actually been looking forward to this for years now.  For all of the recent audits I have been handling, I have had to convert QB files to Excel and PDF formats for the auditors to use because they didn’t have the capability to use QB files directly. 

My understanding from speaking with auditors is that only one person in each IRS office is trained on how to work with QB; so it will be interesting to see how that knowledge is shared with other auditors in the office.

According to this announcement, they are using the QB 2010 program.  This means that for any client using an older version of QB (as many are), we will either need to update the data file to the 2010 format to be usable by the auditors, or they will accept older versions and do the updating to 2010 themselves.

As always, any real life stories from other tax pros on how QB files are being used with IRS will be appreciated.


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