Accountant Gary Kane Publishes New Article Identifying Top 10 Audit Red Flags
Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, discusses who’s at risk for an audit and how to avoid one.
Orlando, FL – March 24, 2016 – Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published an article titled “10 Audit Red Flags and Why You Don’t Need to Worry” on his website (http://www.kaneforensic.com).
Gary Kane writes, “I’ve never met a taxpayer who wasn’t worried about an audit, but the good news is you’re pretty unlikely to be audited. In fact, in 2015, less than one percent of tax returns were audited. There’s also a three-year statute of limitations on audits. So you can relax, your fears of having to pay up or produce receipts for obscure expenses claimed in 1999 are unfounded. For the majority of those who are audited, it’s a simple paper audit where they receive a letter from the IRS in the mail, asking for supporting documentation or correction. The IRS does not call you or e-mail you to demand money – if this happens, it’s probably a scam. Rumors abound about what might trigger an audit, from charitable and home office deductions to under-reporting income. Let’s take a look at the top 10 red flags for an audit and why you don’t need to worry about them at all.”
Kane Forensic Accounting specializes in forensic accounting, business valuation and succession planning. They leverage their specialized knowledge to provide valuable insight which enables their clients to make informed financial decisions.
The entire article can be found at http://www.kaneforensic.com/10-audit-red-flags-and-why-you-dont-need-to-worry/
To learn more about Kane Forensic Accounting, please visit http://www.kaneforensic.com
About Gary Kane:
Gary Kane is owner and managing partner of Kane & Associates, and a licensed CPA in the state of Florida. His primary responsibilities include the planning and utilization of personnel, budgeting, cash flow management, and overall firm marketing. Mr. Kane has been responsible for all tax preparation and planning functions within the firm. He performs the final, technical review of all audit and review engagements.
Mr. Kane has lectured widely on various aspects of income and estate planning and personal financial planning. He has appeared on several local television shows and has appeared on a national cable television program broadcast on the Satellite Program Network. With his background in tax and financial planning, Mr. Kane has been instrumental in assisting clients in the formation, implementation, and management of several real estate ventures, beginning with the planning stage through the completion and ultimate management or sale.
Mr. Kane received his BSBA with honors with a major in accounting from the University of Florida and has a Masters of Science in Accountancy from the University of Central Florida. He has over forty-one years of public accounting experience, including four years with the international accounting firm of Alexander Grant (Orlando, Florida), before becoming a founding partner of Kane & Associates of Winter Park, Florida, in 1975. Mr. Kane was also an accountant with Chevron Oil Company in charge of fixed asset accounting for all oil and gas properties in Louisiana, Mississippi, Florida and Alabama.
Mr. Kane is a member of the American and Florida Institutes of Certified Public Accountants and has satisfied the requirements to be accredited in Business Valuation by the American Institute of Certified Public Accountants. Mr. Kane is a Certified Valuation Analyst and member of the National Association of Certified Valuation Analysts. He is past president of the Central Florida Chapter of the International Association for Financial Planning and has served as Chairman of its Board of Directors.
Mr. Kane has been an adjunct professor at the University of Central Florida teaching intermediate accounting and has assisted the Small Business Development Center at the University of Central Florida in lectures on business acquisition and accounting systems for small businesses. Mr. Kane assists attorneys in numerous areas, including tax planning, litigation, and divorce settlements. He has testified for over twenty years as an expert witness in Orange, Osceola, Brevard, Seminole, and Volusia counties.