On December 4, 2019, Michael Sardar presented “Working with Schedule C Taxpayers Without Complete Records: Reconstruction, Estimates, and Best Practices” at the Sid Kess “Dealing with the IRS” seminar at Baruch College.

In the event of a loss of client records or due to poor record keeping, a paid preparer may need to help his client reconstruct the records and/or make estimates. This session covered tips and ideas on how to handle such issues from tax-return  preparation through audit and will include a review of the Schedule C Form, common Schedule C pitfalls, and the best practices for how the tax return preparer and client can utilize estimates and reconstructions in these situations.  The session also addressed the Cohan rule and the AICPA Statement on Standards with respect to the use of estimates.