If you lose the backup documentation for your deductions and the IRS denies them to you upon audit, whether or not Tax Court will find in your favor really depends on you. If you expect Tax Court to take you at your word that your supporting documentation was lost in a fire but offer nothing beyond that, dont expect a favorable outcome. If, however, you show reasonable reconstructions, proof of an insurance claim because of the fire, an affidavit from your tax pro that adequate proof of deductions was provided at the time the tax return was prepared, then Tax Court would most likely rule in your favor. Did you know that you are less likely to be audited if an EA prepares your return?
Posted on: Tue, 28 Oct 2014 17:51:11 +0000
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