Bryan Camp has published an article on the TaxProf Blog, titled “Lesson From The Tax Court: No Deduction For Under-The-Table Cash Payments”, which discusses Cohan v. Commissioner. The article begins as follows:
When my son took an informal job as a “ranch hand” this past May, he was delighted to receive unrecorded cash payments. He thinks it means he does not have to report them as income. He will discover differently next filing season when we prepare his taxes. But he is not alone in thinking that unrecorded cash payments are like eating someone else’s dessert: the calories don’t count.
Click here to see the full article: “Lesson From The Tax Court: No Deduction For Under-The-Table Cash Payments“
Posted by Josh Saret, Associate Editor, Wealth Strategies Journal.