Originally Posted by poorboy
When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit

For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.

Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good


I never officially had a business in the brick and mortar building, but just found out today my retired accountant never even filed my transport business as an actual business with the IRS! eek My new accountant told me that today, and when I gave him the paperwork for my sold building he about had an attack. Seems I now owe the State of Illinoise $4k and the Feds $3800 for the privilege of owning that building... mad

The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.

JB Rhinehart, Realist

A-Body's RULE!