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Lee Phillips, an attorney, discusses the importance of keeping receipts for tax purposes alongside Ben Rucker, a former IRS special auditor. Ben, despite his young appearance, has significant experience with the IRS. Phillips highlights the issue of being audited years after expenses have been incurred, indicating this often leads to problems, particularly if receipts are not organized properly. He mentions his method of storing receipts in envelopes, but emphasizes the challenges posed when the IRS conducts audits years later, underscoring the necessity for effective record-keeping.