Tax Lawyer Rob Wood Discusses IRS Time Limits

Tax law expert Rob Wood wites in Forbes "If you face a tax audit and can legitimately point to the statute of limitations to head off trouble and expense, you should. Why should you have to prove you were entitled to a deduction (or have to find and produce yellowed receipts) if it is simply too late for the IRS to make a claim?

Given the importance of the statute--both to heading off audit trouble and to knowing when you may be able to throw some of those receipts away--it is surprising how few taxpayers are statute savvy."

Scott Drake discusses the article with Tax Law Channel host Robert Wood. (Wood and Porter)