Attn. Small Business Owners… A Legal Way to hide money from the Tax Man

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 27 July 2007

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

I have spent the last two weeks preparing for the IRS. Unfortunately, I still do a small number of business tax returns (old habits are hard to get away from). One of my small business tax clients was selected for a full examination (Audit). I have over over 10 years of experience in completing tax returns, and this is the first business return that has been selected for an audit. I guess it was my turn to sit on the hot seat. We had the IRS agents here in the office on Wed. and then we met at the client’s business on Thursday for a site evaluation and Q&A session. I am elated that we made it through the audit without any problems and the client did not have to pay any additional taxes, but as you can imagine it has been a stress that has caused a few nights of restless sleep. I knew that we had nothing to hide, but you never know where there might be a difference of opinion on deductions. For more information, visit the show notes at http://www.moneyguy.com/2007/07/attn-small-business-owners-a-legal-way-to-hide-money-from-the-tax-man Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:07.4	investing, taxing.
0:09.2	You've got financial questions, he's got financial answers.
0:12.8	It's Brian Preston, the money guy.
0:16.1	Welcome to the show, guys.
0:17.3	It's Friday afternoon.
0:18.3	I've had a busy, busy week.
0:21.5	This is the money guy show, of course.
0:23.6	The podcast is going to help you make the best financial decisions out there to make
0:27.3	every dollar last longer to help you invest better to do everything so that you are just
0:32.9	more efficient with your money.
0:34.6	We are here to restore order to your financial chaos.
0:38.6	Talking about having a busy week here, I want to share with you guys, I had the worst
0:43.4	nightmare that you can have financially, which is that I had the IRS hanging out in my
0:49.6	office this week.
0:51.2	So I've lost some sleep, as you can imagine, not from my own personal stuff, but I still
0:56.2	have the bad habit of doing a few small business tax returns out there and it kind of caught
1:02.4	up with me.
1:03.4	One of my clients got audited and we had to go through the whole full exam and audit that
1:09.1	the IRS does.
1:10.1	So I'll give you a little bit more about that, but I do want to welcome you to the show.
1:15.1	We have a big show to talk to you about.
	...

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