Today TaxMama® hears from Hugh in the TaxQuips Forum with a long question. “To make his story short, he lays out his income and expenses and wants to know what his audit risk is – and what records to retain in case he’s ever audited.”
Tag Archives: irs audit
Today TaxMama® hears from Bill in the Tax Quips Forum who raises a good question. “I have a lot of independent distributors asking about deducting their autoship of product for personal use. They say that their tax person said you can claim the deduction because you have to “be a product of the product” or […]
Today TaxMama hears from Cliff in the TaxQuips Forum, who dropped the ball. “Filing your income tax return is due April 15th, or with an extension, 10/15. However, the instructions also say that you have three years (plus any extension) to file a claim for any refund due. Which rule takes precedence? The IRS cannot […]