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6 August 2022, 09:28 PM | #31 | |
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6 August 2022, 11:53 PM | #32 |
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Took a few days off of TRF and now see this.
Cheering for you as always! |
7 August 2022, 12:37 AM | #33 | |
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Ditto
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Technology has advanced since then. It’s probably worth it for future reference to digitize revenues and expenses so it’s just a matter of spitting out reports. |
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7 August 2022, 12:51 AM | #34 |
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Good luck!
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7 August 2022, 01:55 AM | #35 |
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Thanks guys. The more I learn, the less I’m worried.
Boils down to one thing really, reported revenue. I report everything. And I’m not a cash business. Everything is done in quickbooks. And I’m prone to anxiety. So I don’t play games…with anything. It’s actually a personal audit anyway. And still, of course, all income has been reported and taxes paid. And again, my CPA is as straight as they come. Frankly, I’m actually hopeful it ends up with them owing me money. As I think sometimes he’s too eager to lay as much as possible. But of course, I’ll be thrilled when it’s simply over. Am I anxious about this? Of course. But I’m feeling okay about it. Just looking to to put it behind me.
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7 August 2022, 02:20 AM | #36 |
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It’ll be okay, Seth. It’s just an annoying process. But not scary. I was audited awhile back and it was over some art or something, it was very ambiguous. I don’t remember exactly but in the end I simply wrote them a check and they went away. This is a great thread and glad you started it, because it’s valuable hearing other’s experiences and how to emotionally manage it.
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7 August 2022, 07:16 AM | #37 | |
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7 August 2022, 08:23 AM | #38 |
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Good luck!!!! Doing some decluttering around here. Shreadded many years of tax records, the oldest being from 2004!!! I think I keep the past 3-5 years, this is what's usually recommended. Not sure why I keep any, my guy has copies in his office!!!
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7 August 2022, 09:03 AM | #39 |
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I received a letter maybe 30 years ago. I had a mutual fund that was worth maybe 80K and it made me 5K that year. But the IRS showed that my profit from that fund was 80K, the value of the entire fund.
Back then it was almost impossible to actually call someone in the IRS, but a telephone operator (remember them) helped me by connecting me to their unlisted number. I requested an audit to correct THEIR MISTAKE, but eventually the IRS withdrew their demand without admitting their mistake without an audit. |
8 August 2022, 01:15 PM | #40 |
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I got mini audited a couple years ago and beat them without even needing the help of my CPA. And after their mini audit of my deductions and expenses the IRS claimed I owed them about four or five hundred dollars. (They started off saying I owed them 36K). I knew they were wrong, but I just paid it to get them off my back. Good luck with your audit.
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8 August 2022, 01:42 PM | #41 | |
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IRS Audit
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Had something similar with them. Had consulting fees billed to a former employer and a year later they claimed I owed 100% of that income as tax. I told them I'd be happy to pay that tax if they could help me collect the income to go with it. Received a post card that the matter was closed 6 months later.
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15 August 2022, 11:47 PM | #42 |
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Just a short update:
So far, I am really impressed by the government. My CPA and the auditor have already had the first phone consultation, and they have their first actual meeting tomorrow. I am grateful that it is all happening fast, and I appreciate them making it happen. And, I have really learned quite a bit in a pretty short time. Right now, they are looking at my ex wife's fitness business and GSMC (my motor club). My guess is that the spike from selling my business is what caused the red flag. Then they see these new small businesses that are writing off a lot of taxes. I assume they think we started them to have more write offs and save on taxes. Interestingly enough, my ex's business was started in the second half of 2020 and GSMC was the year prior. So I understand why they might think I was trying to save on taxes by opening these businesses. Considering the shenanigans it appears people play, I can hardly blame them. The wonderful news is that both of these are legitimate entities and it is easily provable. She is way more organized than I am, and she has given my CPA everything and then some. I have even found a ton of invoices from monthly website charges to videographers (for car shows) and marketing professionals. So as this goes on, I am more and more comfortable. Am I still nervous? Of course. I think we are programmed to fear something like this. And I am scared of what I don't know. But I also take solace in the fact that we are 100% in the right with how we did things. I don't take a lot of huge risks. I don't bend the rules. I even efuse to register my cars in Montana like most high end car owners I know. I do pretty much everything by the book. And this is exactly why.
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15 August 2022, 11:52 PM | #43 |
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Good news Seth
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15 August 2022, 11:55 PM | #44 |
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fingers crossed that is stays this way. feeling pretty good. but dont want to get my hopes up.
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16 August 2022, 12:16 AM | #45 |
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The tax code is totally insane and is impossible to perfectly comply with, but sounds like you reported every dollar coming in and didn’t cook up any expenses. You will be fine.
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16 August 2022, 06:25 AM | #46 | |
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they want justification for them. who I went with, what we talked about...how was it a business dinner. I take out customers, vendors, and team members 4 nights a week. I can barely remember what happened a few weeks ago, let alone a few years ago. but it is what it is, I cannot imagine I am alone in that.
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16 August 2022, 09:15 PM | #47 | |
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16 August 2022, 10:38 PM | #48 |
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Due to Inflation Reduction Act we can all expect one of these on the future!
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16 August 2022, 10:59 PM | #49 |
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For my last audit, I wasn't being properly represented by my CPA. He just wasn't strong enough in the area of taxation. I then switched to a highly experienced Tax Professional with an MBA in Taxation. The different was night and day. Lesson learned. The misconception is that a CPA is a tax person, and this is not always the case. Financial accounting and taxes are two distinctly different animals.
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16 August 2022, 11:06 PM | #50 |
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Glad to hear things are progressing Seth.
I get the anxious feeling an audit can bring. Even though you know you’ve done nothing wrong, the fear is that they’ll find something anyway … been there done that |
17 August 2022, 07:36 PM | #51 |
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This whole thing sounds taxing. Good luck!
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17 August 2022, 08:29 PM | #52 |
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If things look sticky then this guy might be the answer
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17 August 2022, 10:49 PM | #53 |
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It’s not funny if you are on the receiving end of an audit in the USA. And if you personally know that Superdog (Seth) is a great guy.
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18 August 2022, 07:36 AM | #54 |
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This is when CPAs and Lawyer's earn their keep! Best Wishes for a smooth and uneventful audit!
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18 August 2022, 07:57 AM | #55 |
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Seth, this sucks to hear. I’m sure you’re conducting business on the up and up though so it may be a little stressful and take some time but you will emerge unscathed and triumphant!!
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18 August 2022, 10:37 AM | #56 | |
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9 September 2022, 01:49 AM | #57 |
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Any update Seth?
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9 September 2022, 02:28 AM | #58 |
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Nothing interesting at this point.
My CPA is just gathering all the info. The good news is I’m really not missing much of anything. Any questions he has had, have been easily answered. I had an account I closed in 2020. I had to request the old statements from my bank. Once I get that, we submit everything. So far very smooth. No holes anywhere which is awesome.
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9 September 2022, 02:37 AM | #59 | |
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9 September 2022, 03:59 AM | #60 | |
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Good luck with the audit Seth.
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