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Lee Phillips, an attorney, discusses the importance of keeping receipts for tax purposes with Ben Rucker, a former IRS special auditor. They emphasize the challenges faced when the IRS conducts audits years later. Lee shares his practice of collecting receipts, including those from fast food, and placing them in envelopes. He highlights that by the time an audit occurs, disorganization can lead to problems. Ben’s experience with the IRS adds credibility to their advice on meticulous record-keeping to avoid issues during audits.
