Important Tip for March 15 Business Tax Filers on Avoiding a Common Error

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One in three business tax returns have the wrong Internal Revenue Service (IRS) Business Activity Code, according to Roger Winsby, president of Axiom Valuation Solutions. This analysis is based on a review of hundreds of returns by his company, a national provider of business valuation services. With only a few weeks before the business income tax filing deadline, Mr. Winsby recommends that CPAs and other tax practitioners should check the current IRS Business Activity Code assignment for their client companies at http://www.naicscode.com/.

One in three business tax returns have the wrong Internal Revenue Service (IRS) Business Activity Code, according to Roger Winsby, president of Axiom Valuation Solutions. This analysis is based on a review of hundreds of returns by his company, a national provider of business valuation services. With only a few weeks before the business income tax filing deadline, Mr. Winsby recommends that CPAs and other tax practitioners should check the current IRS Business Activity Code assignment for their client companies at http://www.naicscode.com/. This FREE web site offers a state-of-the-art industry search engine with the only comprehensive linkage between IRS Business Activity Codes, North American Industry Classification System (NAICS) Codes (both 2002 and 1997 versions), and the older SIC Codes. These linkages are a key asset for assisting users to find the right business activity code.

Mr. Winsby notes “The IRS Business Activity Code is a required line on a business tax return, yet many CPAs tell us that they are not sure whether they have made the correct IRS Business Activity Code assignment after the switchover from the SIC Code system in the late 1990s.” Since one of the ways that the IRS selects companies for audits is to screen for companies that have different financial metrics than their industry peers, having the wrong code assigned raises the possibility of an IRS audit – an occurrence CPAs and business owners want to avoid!

A select group of premier companies serving the accounting and business owner markets sponsor the free search services of NAICSCode.com. These include Axiom Valuation Solutions, a leading provider of expert business valuation services nationwide; AccountingMalpractice.com, a comprehensive loss prevention and risk management resource for CPAs; and U.S. Financial Advisors, LLC, which specializes in affiliation and consulting services enabling CPAs to integrate personal and business financial services and products into their practices; SICCode.com, one of the largest online business directories; and AccountAbility Outsourcing, which provides companies access to qualified accounting and finance professionals on an outsourcing basis.

About Axiom Valuation Solutions

Axiom Valuation Solutions is based in Lowell, MA. The company under the direction of Chairman Stan Feldman, Ph.D. provides expert certified business valuation services and expert consulting, including acquisition purchase price allocation and goodwill impairment testing. The company’s services are sold primarily by referral through CPAs, lawyers, and financial advisors. The company also offers a unique business value estimate service that financial advisors and CPAs recommend for their business owner clients who need timely, cost effective, and reliable value answers to start making the necessary plans for their eventual transition out of the business and for minimizing the risk along the way. For more information, go to http://www.AxiomValuation.com.

Media Contact:

Roger Winsby

Axiom Valuation Solutions

978-654-6092 x194

roger@axiomvaluation.com

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