Cash Based Business? Have Good Books and Records

By of MillarLaw A Professional Corporation On Saturday, February 7, 2015

What happens when a taxpayer operates a cash based business and lacks adequate books and records according to the IRS? The IRS can use any reasonable method to reconstruct the taxpayers income and expenses. (See, Estate of Rodrigo F. Fenta, et al. v. Commissioner, TC Summary Opinion 2015-4 ) In the opinion the court states … Continue reading Cash Based Business? Have Good Books and Records