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Trucker

Discussion in 'Random Ramblings' started by bobm, Mar 15, 2019.

  1. Mar 15, 2019
    bobm

    bobm Garden Addicted

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    At a recent IRS audit , my wife audited a long distance trucker … he makes long distance hauling through a national company that provides contract hauling to client truckers. This trucker receives a company credit card for fuel , repairs, meals, etc.. The company receives trucking payments from clients, takes out credit card charges and their fees, cuts checks to the trucker, and issues final income tax accounting and 1040 to the IRS. Well, it seems that what that company reported to the IRS and what the trucker claimed on his tax return amount to about a $50,000 difference for 2 years. Hmmm ! How does he live on less than $20,000 income profit per year considering he has wife and 4 kids, a mortgage of over $300,000. , etc. He also made expense deductions for his street clothing including underware, ( clothing such as these are not deductible , unless one is a stripper and use these as part of a performance costume ). He got a Tax. bill for almost $20,000 and time to reconcile the differences in what was reported to the IRS and his bank accounts. Looking deeper … the national company will be getting a servailance of their business practices and audit by the Revenue Agents for possible fraud.
     

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