Mike is right. Does not happen very often to me. When it does I take the check to the bank cash it for cash and forget about it. The IRS does not look at single items anymore. The alogorithm just sorts for anomalies now. If you give the CPA the right info he will not stick his neck out the thickness of a sheet of paper. The exception would be if you sold a $50,000 tractor and you depreciated it for two years and it disappeared 2 years later. There is a very small chance it would get picked up. My mother was a CPA and did our taxes until she died. We both went to the annual tax update at Cornell University every year. I do my own taxes and those for a few neighbor BTOs. In NY we pay enough user fees, real estate. sales taxes, that I feel there is no need to pay to much income tax. Been using our sysem for forty years and it has paid dividends. Not going pay a CPAs country club dues. ps If the one in a million chance it happened to you, you would get a letter. It would say the amount of tax you owe and a 25 percent penalty. The IRS wants you working not in jail.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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