What happens if you lose your tax records?
Let’s say that your house burns down and your tax records go up in flames. What happens?
Your tax life could become very miserable.
Protect your tax records so that they will not go up in flames should your house burn down.
This may seem like a bit much. But if the IRS came looking for your tax records, you would absolutely wish you had protected them.
Reg. Section 1.274-5T(c)(5) addresses your loss ... Log in to view full article.