ADVENTURES IN ACCOUNTING…accounts receivable speaks

Zuki sees the dark side

 

One of the most intimidating aspects of business is dealing with the taxing authorities. Nothing strikes more fear in a businessperson than the thought of going through a tax audit. My biggest fear is to be stuck with Nikki during a trial audit!  She cries at the least bit of criticism. Most CEO’s think audits denote penalties, huge tax bills and added stress to all. Most of this is unfounded unless you count Zuki’s tax issues. Based on the number of hateful comments toward the IRS in the diatribe there’s no doubt already a lien on his bank account!  But based on the past 18 years in dealing with taxing authorities nothing could be further from the truth. These people have a job to do and as long as you can substantiate (key word here Zuki) what you have entered there is no need for the fear.  Yet in Zuki’s case it’s probably been adversarial since his first paycheck.  Be nice to your auditors and they’ll show mercy if possible.

fez

  • fez

    Hello Bagwan and a heart-felt handshake from accounts receivable.  Hypothetical or not, my Uncle Sal did the very thing you posed and entered nothing.  He disappeared a few years ago and hasn’t been seen since.  We as a family quietly suspect the IRS and foul play.

    • Bagwan

      See Zuki, I told you it was a bad idea.

  • Bagwan

    fez, you say “substantiate what you have entered.” My question, which is purely hypothetical, but what if a guy never actually “entered” anything?