Electronic logs could spell disaster around tax time for truckers

That's what thought too. Heck, bankruptcy only goes back 7 years.

 

Y'all make it sound like y'all tell the truth on that sorta thing.

 

They can go back either 7 or 10 years for a audit not sure which. The 3 years is for filing a amended return

 

Fraud is no limits.


Here is the link to their standard audit periods.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/IRS-Audit-FAQs#keypoint11



How far back can the IRS go to audit my return?
Generally, the IRS can include returns filed within the last three years in an audit. Additional years can be added if a substantial error is identified. Generally, if a substantial error is identified, the IRS will not go back more than the last six years.
The IRS tries to audit tax returns as soon as possible after they are filed. Accordingly most audits will be of returns filed within the last two years.
If an audit is for an older year, you may be requested to extend the statute of limitations for assessment of your tax return. The statute of limitations limits the time allowed to assess additional tax. The statute of limitations is generally three years after a return is due or was filed, whichever is later. There is also a statute of limitations for making refunds.
If the audit is not resolved and the statute of limitations date is nearing, you may be asked to extend the statute of limitations date. This will allow you additional time to provide further documentation to support your position, request an appeal if you do not agree with the audit results, or to claim a tax refund or credit. It also allows the IRS time to complete the audit and provides time to process the audit results.
You do not have to agree to extend the statute of limitations date. However, if you do not agree, the examiner will be forced to make a determination based upon the information they currently have. Therefore, the examiner may not be able to consider additional adjustments, such as expenses, that could lower the amount of tax due.
More information related to extending a statute of limitations can be obtained in Publication 1035, Extending the Tax Assessment Period, or from your auditor.

 

Every month I print out my logs, monthly per diem report and my fuel expendature sheet. CPA loves it. All accurate and ready for review if anyone wants to see it. EOBRs aren't the end of the world, they're a tool I use to make my job/business easier to deal with.

 

I've yet to hear about the IRS challenging someone on their per diem. This article was written because of Pennsylvania one of the the greediest tax states in the nation.

Best solution is like I've done 35 years ago and move out of that state. Good people, pretty country but a horrible place for taxes.

 

The main issue on my audit which is now in appeal. I look for this to be a bigger issue.