Recordkeeping Requirements

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Q & A Fridays with Jason — November 11, 2011

By | November 11th, 2011|Categories: Potpourri of Tax Topics|Tags: , , , , |

It's time for the first of a new weekly series called Q & A Fridays with Jason! DISCLAIMER: The answers to questions in this segment are intended to be general in nature and do NOT constitute tax advice. Please contact a tax advisor to discuss your unique situation. --------------- Q:  Is it true that my employer-provided [...]

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What Tax Records to Keep

By | August 27th, 2011|Categories: Small Businesses Taxes|Tags: , |

Determining what types of records should be kept for tax purposes can be confusing.  Here is what the IRS says: In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return: [...]

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Does 5th Amendment Protect You During an Audit?

By | February 18th, 2011|Categories: Small Businesses Taxes|Tags: , , |

If you're ever audited by the IRS, don't rely on your 5th Amendment privilage against self-incrimination to protect you.  A self-employed architectural consultant tried using the 5th Amendment as a defense but got shot down in Tax Court last week. The consultant, a Mr. Raeber, was audited by the IRS for his Schedule C deductions in [...]

Cell Phones are Not Listed Property, Part 2

By | January 21st, 2011|Categories: Small Businesses Taxes|Tags: , |

I wanted to follow-up on previous blog post where I wrote about cell phones no longer being "listed property."  Listed property is property covered under Section 274 of the Internal Revenue Code and includes "entertainment" property such as computers and cameras.  Vehicles are also considered to be listed property.  Section 274 requires strict documentation of the [...]

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The Importance of Documenting Charitable Contributions

By | December 22nd, 2010|Categories: Potpourri of Tax Topics|Tags: , , , |

The Dinesen Tax Times has been providing a series of articles about charitable contributions this month.  A recent Tax Court case fits in nicely with that series of articles. The Tax Court case involved a couple (a Mr. and Mrs.  Murphy) from California who had more than $27,000 of charitable contributions disallowed by the IRS on [...]

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