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Legally Speaking

Dec 20, 2007
August 15, 2005 One of the main hurdles that many taxpayers face in an audit with the IRS is showing an effort to change methods of operation or procedures that could result in an improved profit picture. Often taxpayers in the livestock or other farming industries will fail to document legitimate changes they have made to enhance operations, and this can be a problem, among others, in withstanding IRS scrutiny. If you are audited, you will be expected to show how y...

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