TaxProf Blog – Lesson From The Tax Court: No Deduction For Under-The-Table Cash Payments (July 26, 2021)

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s