Simply Manufacturing

[Construction]

In fiscal year 2019, fewer than than 0.5% of tax returns were audited. Earning a lot of money isn't the only thing that can spark interest from the IRS. Trying to pull a fast one on the taxman could come with regrets. While the IRS is auditing fewer tax returns that it once did, the agency's systems are automated to spot certain discrepancies. And, there are some parts of returns that simply generate more scrutiny than others. In other words, there is still a risk that you could hear from the IRS. "A lot of this is done by analytics and computers and the farther you are from the normal range for similar taxpayers, the more likely you are to get a love letter in the mail from the IRS," said certified financial planner Jeffrey Levine, director of advanced planning at Buckingham Wealth Partners. The IRS will handle an estimated 150 million returns this filing season, with the filing deadline set for July 15 . As of June 12, the agency had received more than 136.5 million returns and issued 92 million refunds. The average refund is $2,767. While most people will never face an audit —  only 0.45% were audited in fiscal year 2019  — there are other types of IRS inquiries, such as a notice of income-reporting discrepancy and proposed additional tax due. Those communications fall short of an official audit, which the IRS gets three years to initiate after the challenged return is filed. The biggest item that lands you most at risk for an audit is making a lot of money: If your income is between $1 million and $5 million, the audit rate jumps to 2.21%. For returns with $10 million or more, it's 6.66%. However, even if your income is lower, don't assume you won't generate attention — income isn't the only consideration. And for all you work-at-homers, keep in mind that only self-employed taxpayers can deduct  unreimbursed job expenses . If you're a full-time employee, forget it. Here are some other common things that could prompt the IRS to look more closely at your 2019 return.

https://www.cnbc.com/2020/06/22/here-are-some-red-flags-that-could-grab-the-attention-of-irs.html

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In one respect, he said the supply situation has been helpful in moving slower-selling inventory along, and added car buyers have tended to be aware of the issues facing the industry and willing to adapt from preferred color and option choices. “Customers have been super flexible,” he said. At Subaru By-The-Bay in Bay Shore, owner Ryan Bremmeyr said signs of the supply-chain challenges facing the auto industry are becoming somewhat more visible as spring settles in. The dealership had an extensive selection of new Subarus available through the first two months of 2021, Bremmeyr said in early April. The choices available to customers have since started to taper off, amid a recent record sales pace for Subrau By-The-Bay and signs of production slowdowns. Looking toward mid-year, Bremmeyr said his understanding is that Subaru will prioritize available microchip supplies for use in models such as the Outback and Forester in the weeks and months ahead, which should help the dealership in maintaining selections of these popular lines. For customers seeking lower-volume models, it may not as easy to find one’s first choice of color or trim level. “If you’re looking for something a little bit different, it’s going to be a little harder to come by,” Bremmeyr said. Bill Marsh Jr., a partner in the Bill Marsh Auto Group — which operates a Ford outlet in Gaylord as well as dealerships carrying multiple brands in Traverse City and Kalkaska — said the biggest impacts of the industry parts shortage for his business have tended to involve inventories of popular truck models such as Ford’s F-150 and Ranger. “It’s not like we have no product,” he said. “We’re just constrained.” Of the various manufacturers which his dealerships represent, Marsh said Ford inventories seem to have tightened the most amid the trend, followed by those for GM products and to lesser extents, Stellantis and Hyundai. Marsh said the dealership group is fortunate to have a strong supply chain for used vehicles — including many obtained via trade-in — and said the recent market trends offer a bright spot for drivers looking to swap for a different vehicle. “People’s trades are worth more than they would be in a normal time,” he said. At Fletch’s GMC Buick Audi in Petoskey, general sales manager James Skop said the industry’s supply-chain challenges also are showing differing impacts for the lines that dealership carries. Stocks of GMC full-size trucks and SUVs — which make heavy use of the processors in short supply — have been relatively tight and quick to turn over as of late, Skop said, adding that he’s heard indications that General Motors will be dialing back on production of some other GMC models to prioritize available parts for use in highly profitable lines such as these. For Fletch’s, inventory impacts for Buick — whose lineup of SUVs is mostly assembled overseas, and tends to involve longer shipping times to dealerships than some other GM products — and the Audi brand have been less noticeable, Skop said.

https://www.petoskeynews.com/story/business/2021/04/16/microprocessor-shortage-chips-away-at-auto-dealers-inventories/43696433/