Every year there are several tax cases where taxpayers think they'll get a better result in court despite poor records. They almost always lose. I've got a short article in today's
AICPA Tax Insider on some of these cases, including a few involving marijuana businesses. I hope you'll take a look -
Poor Recordkeeping Hurts Taxpayers: Problems and Preventions. I don't think these are really problems due to tax law complexity because businesses should maintain records for both tax and non-tax reasons. Of course, where a tax rule requires records beyond what is required for bookkeeping or financial reporting purposes, that should be examined as part of tax reform. You'll see that in a few cases mentioned in the article that people were claiming deductions they were not entitled to, such as expenses of a car you don't own (including depreciation!).
What do you think? Do you know of any new apps or other tools to help busy business owners maintain proper records?
6 comments:
What is a good free online tax return site to use. I need to file a federal 1040 with schedule B for itemized deductions. I think turbo tax and TaxAct are a couple but looking for suggestions of what people have used and if it is secure.
Personal Tax Preparer
I suggest start with the IRS website as they have a few free tax prep software tools.
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Spot on with this article, I really think this website needs more attention. I'll probably be back to read more, thanks for the info.
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I am really very agree with your qualities it is very helpful for look like home. Thanks so much for info and keep it up.
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