Article Date:
April 2006


Word Count:
591

 

 

Bad Records Destroy Deductions


Haron Veras learned some recordkeeping lessons during the time he spent in court.1 Veras operated a small sole-proprietorship trucking company and arrived in court with few records to prove his expenses.

 

To set the stage, the court laid out some recordkeeping rules before stomping on Veras’s deductions. The court noted the following:

 

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The law requires a taxpayer to maintain records sufficient to establish the amount of his income and deductions.

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The court can make estimates, in select circumstances, when the taxpayer provides evidence ... Log in to view full article.

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