Are you under audit by the IRS?

Posted on June 18, 2012

Our entries for the last few days have centered on people who own or operate their own business. We have recommended that you keep excellent records regarding your income and expenses. Not only will good recordkeeping tell you if your business is making any money, it will also assist your accountant with the preparation of your tax returns and will help you defend an audit. In a recent Tax Court case, the IRS disallowed the expenses a truck driver claimed on his tax return because some of the expenses were personal in nature and the other expenses could not be adequately substantiated. Proper recordkeeping may have saved this truck driver from the resulting IRS bill. Are you under audit by the IRS? Do you owe money to the IRS? Call us, we can help.


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