Discussion Post: "Deductions and Losses"
Respond to the following:
1) Suggest two specific deductions or losses that would most likely result in an IRS audit. Outline the key advice that you would give to a client who wishes to take the specific deductions or losses and avoid an audit simultaneously. Support your proposal with examples.
2) Analyze the basic types of supporting documentation that your client would need in order to defend a tax deduction. Based on your analysis, propose specific types of documentation you would advise your client to maintain as a defense in the event of an IRS audit.