recordkeeping


How Long Do You Keep Your Tax Records?

Taxpayers often ask how long they have to keep their tax records. Many taxpayers only keep records for three to six years. In Reyonoso v. Commissioner, T.C. Memo. 2016-185, the court considered a case that turned on whether the taxpayer could produce records to support that he had made a mark-to-market election nearly twenty years […]

The post How Long Do You Keep Your Tax Records? appeared first on Houston Tax Attorney: Texas Lawyer.


The Benefits of IRS’s Streamlined Procedures for Reporting Foreign Accounts

Given its limited resources and ability to detect foreign assets, accounts and income, the IRS has offered various voluntary programs to entice taxpayers to come clean and report this information. The IRS’s OVDP program and the more recent streamlined procedures are two examples. The Maze v. Internal Revenue Service, Nos. 15-1806 (D.D.C. 2016), highlights several[…]

The post The Benefits of IRS’s Streamlined Procedures for Reporting Foreign Accounts appeared first on Houston Tax Attorney: Texas Lawyer.


Court Says Five IRS Audits in Ten Years is Not Harassment

In Appenrodt v. United States, No. 3:16-cv-02010-LB (N.D. Cal. 2016), the court concluded that the IRS did not harass a taxpayer by subjecting the taxpayer to five audits in ten years. The facts and procedural history of the case are as follows: The IRS audited Mr. Appenrodt’s individual income tax returns for tax years 2005-2008.[…]

The post Court Says Five IRS Audits in Ten Years is Not Harassment appeared first on Houston Tax Attorney: Texas Lawyer.


Best-Tax-Attorney-In