Lack of bookkeeping records loses deductions
AIPB VOLUME 16: Issue 30 The case: A father and son co-owned a home-remodeling and construction business as an S corp. On their S corp tax return, they claimed substantial deductions for fuel, repair and maintenance expenses for their construction equipment, and for business use of their personal cars. The IRS denied all the deductions.
Held: For the IRS. The only bookkeeping records the taxpayers provided were company bank statements and QuickBooks records to substantiate
Uh-Oh! IRS admits mistakes
IRS admits they sent ACTC letters with incorrect amounts listed!
Advanced Child Tax Credit
Child tax Credit payments and how to know how much you received when you file your taxes.
