Audits, Outlaws, and Oil: Advanced Tax Plays and What Actually Gets You in Trouble with the IRS
JUN 4, 202615 MIN
Audits, Outlaws, and Oil: Advanced Tax Plays and What Actually Gets You in Trouble with the IRS
JUN 4, 202615 MIN
Description
<p>From writing off luxury vehicles to investing in exploratory oil and gas drilling, what is the line between smart tax strategy and literal tax evasion? Greg and Ryan debunk the paralyzing fear surrounding IRS audits, detailing what auditors actually look for versus what people <em>think</em> will land them in jail. They discuss the infamous case of "The Situation" from Jersey Shore, explain why it is illegal not to file but not illegal not to pay, and break down how the government actively incentivizes you to invest in energy and write it off against active income.</p>