IRS Tax News: Failing to Produce Evidence for Claimed Deductions Will Cost You More in IRS Penalties
Friday, June 25th, 2010In recent tax court news, the IRS re-affirmed the need for proper, paper-trail evidence when claiming deductions on your tax returns. A couple based in Alaska filed their tax return with medical expense and home deductions, however they failed to supply any evidence of the costs associated with these deductions. Furthermore, their return was filed late. Without providing sufficient evidence, your claims are in effect meaningless. The combined effects of
