Even if your income is illegal record keeping is imperative.
Regardless of how a taxpayer obtains income, whether legally or illegally, all income must be reported to the IRS. On the flip side, any income that is earned through an illegal venture is not able to have expenses deducted from it. To add to that, failure to maintain a complete set of records, even with an illegal business, taxpayers can be prosecuted by the IRS as a felony act of obstruction.
Agenda
Faculty
Sanford Millar
MillarLaw, A Professional Corporation
Sanford I. Millar is the founder of MillarLaw a Professional Corporation. He is a Certified Specialist in Taxation Law and is admitted to practice before all courts in the State of California. Mr. Millar has received the highest rating by Martindale-Hubbell Law Directory and has been named a Southern California Super Lawyer from 2006 – 2017.
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