"Cash is King!" I like to tell my customers. If neither of us is putting the transaction in writing, The Man can go f--- himself.
The issue is if I didn't keep a record but my counterparty did. The odds of a random tax audit are really really low, but my counterparty could get involved in fraud or bankruptcy, and have the bank do the initial audit...
The IRS doesn't even have the manpower to audit all of the wealthy people in the USA. I'm not worth their time. Real tyranny will happen when they finally acquisition an AI system that can audit billions of financial transactions every year. But even then they'll need the lawyers to prosecute cases against people. For now the best thing for most people is to keep your tax fillings as simple as you possibly can. Things like doing itemized deductions raise your audit risk. Take the standard deduction even if you end up paying a little more that way. Keep it as simple as possible and you'll fly under their radar.
Very good points.
My concern is in an economic downturn, they will "streamline" their own rules. Due process has a much weaker grip here in Australia.
I want my every transaction either fully off books, or as boringly compliant as possible. I am worth their time, if only just, and many of us might suddenly become worth their time if they get really hungry...
y'all must have IRS agents milling about around you or something, how the fuck do they get such an intimidating reputation if they aren't feeding masses of snitches?
fair enough play by the rules if you have a shopfront or something but when most of your customers are informal af why file???
uggly corrupt shit... yeah, if ya gotta deal with normies ya gotta do normy shit.
doesn't seem to be so relevant as the economy is crumbling tho.
