Reply To: IRS Audit Risks

I have a CPA and hirred her the day we incorporated the company ,we were established 16 months ago and i have not taken any income nor has any other shareholder.The business has its own paypal account that we use for the design,links and other expenses.Smackdog as long as the paypal is for business only you can use the paypal receipts for the tax preparations but you need to have all details of the transaction.
I talked to Linda last night and she said that sometimes owners take no income but write off their mortgages ,car payments ,travel bills , pricy meals etc which then puts them in the hot seat.In our case we wrote off only $2900 in computers ,domain and website purchases ,I have yet to cahrge my first meal to my business after almost 2 years lol.BTW in canada the tax rate is only 18% on incorporated business ,11% if you have under $400,000 in revenue.what is the tax rate in your country-anyone can answer?
Thanks steve for posting such an important topic!