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20 December 2018 | 3 replies
Yes, once they find out when they audit the area.
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24 October 2019 | 7 replies
A good way to look at this is envision yourself sitting across a desk in an IRS audit.
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1 August 2008 | 47 replies
Using the LLC only makes it easier to defend against the IRS, should you ever be challenged on those specific business expenses in an audit.
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23 October 2018 | 1 reply
You can use your personal banking account register to point to the exact transaction if you are ever audited.
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22 April 2020 | 13 replies
Casey Moen in addition to my comment above you could also pursue the accounting degree; yet, instead of focusing on taxation or managerial accounting you could focus on auditing.
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20 March 2018 | 48 replies
I'd even go so far as to hire an outside accountant to audit the books.
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8 June 2016 | 7 replies
@Brian Winn, cash out refis immediately prior to a 1031 will always be examined very closely by the IRS if you are audited.
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27 April 2020 | 10 replies
At 25 she quickly realized that he made a LOT more disposable "cash" from REI than the o/head heavy corp she manages the finances & audits for.
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18 January 2020 | 6 replies
Although it's "garbage in, garbage out", as long as it is used properly, regularly, and in good faith it meets the contemporaneous records requirement for mileage.One of the lowest hanging fruits in an audit is disallowance of mileage which is not supported by contemporaneous reports, or for which the reports don't appear to be contemporaneous.
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26 August 2019 | 23 replies
But they do audit closings to see if the correct transfer taxes are being paid, and when they audit they ask the buyer, seller and title company to explain the transaction, even requesting a copy of the agreement(s).