Lessons Learned in Griffin

In Uncategorized on 12/22/2010 at 19:33

Although it is clearly an extreme example, Griffin v. Comm’r, T.C. Memo. 2010-252 (11/17/10) does highlight several important areas for taxpayers to consider when preparing and filing their U.S. Federal income tax returns.

  1. File timely. Late filings will likely receive greater scrutiny and consistently late filings raise a red flag for the IRS. Filing timely will also start the statute of limitations running.
  2. Get your ducks in a row. Having correct and complete supporting documentation is critical to substantiating credits and deductions when a taxpayer is under audit.
  3. Perception beats Reality every time. Regardless of the veracity of the witness or the documentation, the appearance of impropriety or a story that changes from one telling to the next is a disaster for taxpayers trying to defend themselves. Stick to the truth. Always.

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: