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Barbara Weltman

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Failure to Keep Records Lets the IRS Reconstruct Business Income

December 28, 2019 / By Barbara Weltman

A taxpayer with degrees in law and accountancy who provided services that included general accounting work and tax return preparation failed to keep adequate records for his sole proprietorship. The IRS reconstructed his income using the bank deposit method and found he under-reported his income. Because he maintained no distinct records of his Schedule C business (the only “records” consisted of a few receipts), the Tax Court said the IRS was correct in reconstructing income.

Reminder:  The Guide to Self-Employment (2nd edition) and both tax books for 2020 are NOW available on Amazon!

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