This is real "gambling". If an auditor wanted to get nasty, they could
compare the timing of the reconstructed records with actual results. If it's off,
most likely the records would be disallowed & you'd pay on the full amount of
your W-2Gs. Most small-fry would probably never get this kind of treatment, but
maybe there's an auditor who needs the practice before he goes after the big
fish.
A further caution: DO NOT TAKE ANY TAX ADVICE YOU GET OFF ANY BOARD AT FACE
VALUE WITHOUT CONFIRMATION. Often, the advice applies to limited situations,
invites audits, or is just plain wrong.
In a message dated 11/20/2003 11:07:49 PM Pacific Standard Time,
vpFREE@yahoogroups.com writes:
BTW, the explanation of "can't find my records" is a predictable and even
advisable response when you lose at "audit roulette" (possibly a bit over 1%
for
LV residents) and get that first "dreaded" IRS notice. It buys time to
"reconstruct" records to support those "guesstimates" that were filed on
April 15.
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