[AlpacaTalk] Question / Help: Business records for IRS

 

We received our personal taxes with a note from the accountant that "we should make certain we have good records in that our losses have occurred over two years and we are certain to be scrutinized." If any statement can raise the hair on the back of your neck one like this certainly can. We do keep copious records, however, I don't think like the IRS – not certain anyone does.
I would ask you answer or provide either insight into records you keep for your business, or if you have gone through an issue proving you are a business with the IRS what types of records were helpful in proving out you are operating as a business?

I suspect many of us are interested in this question. Thank you in advance for your responses, Michael

Michael and Margery A. Morack
Greenbriar Farm
Waukesha, WI
262-970-9633

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