Latest / North Star Tax and Legal Briefing
The Simmons Case: Why "It's in My Accounting Software" Won't Save Your Deductions
A real business spent real money, kept its books in accounting software — and still lost most of its deductions in Tax Court. One owner's income was recharacterized from about $6,000 to roughly $224,000, with a 20% penalty on top. We walk through where the Simmons case was lost, unpapered loans, cars with no documented business purpose, and the one place the taxpayers won. Build audit-proof records before the notice arrives. Full analysis at htx-legal.net.
The skinny
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