My question for everyone is what is the typical amount that is reported on income statements? I'm sure that everyone on the forum fully state their income, but I'm sure there are others out there who underreport their cash sales
I ask because I have worked with an accountant who seems to think that most bars/restaurants do not report cash sales but only their credit card sales. I am reporting total sales but my profits after taxes are marginal.
Anyone have any stories about being audited by the IRS and consequences? What are the odds of being audited?