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Lee Phillips, an attorney, discusses the importance of keeping receipts for tax purposes in a brief conversation with Ben Rucker, a young auditor with seven years of experience at the IRS. Phillips highlights the common problem of being audited years after transactions occur, which complicates the retrieval of necessary documentation. He mentions his practice of storing all receipts, even from fast-food purchases, in envelopes. The discussion emphasizes the necessity of organized record-keeping to prepare for potential audits by the IRS, especially as the time frame for audits can stretch over several years.