Paul L. Caron
Dean
Pepperdine Caruso
School of Law
records
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Lesson From The Tax Court: Another Reason To Keep Good Records
Last week’s Lesson looked at the inherent unreliability of third-party information returns. Taxpayers need to keep good records to refute those errors. This week’s Lesson continues that theme: keeping good records can help avoid a bank deposits analysis. When the IRS is forced to reconstruct income using the bank deposits method, it puts taxpayers in…