IRS Questions Everyone Is Afraid to Ask (Answered by a CPA)

#IRS red flags #Can IRS see your bank account#IRS audit explained #Business losses IRS rulesIRS FAQ: Business Losses, Declining Income, Bank Accounts, TOD Deeds & Deduction RulesStephen Lee CPA answers common taxpayer questions: how the IRS treats multi-year business losses after COVID, explaining net operating losses (NOLs) can generally be carried forward indefinitely to offset up to 80% of future taxable income and stressing documentation to avoid hobby-loss issues; whether declining self-employment income near retirement is a red flag (it isn’t if returns match reality); whether a transfer-on-death (TOD) deed for a primary residence can provide a step-up in basis for a child; what access the IRS has to bank information via 1099 reporting, cash transaction reports, suspicious activity reports, and formal summonses; the general 50% meals deduction for craft services (with limited 100% exceptions); how to judge “reasonable” deductions (ordinary, necessary, documented, industry-consistent, with IRS pubs 535 and 463); and how long to keep tax returns (3, 6, or 7 years depending on circumstances).00:00 Taxpayer Worries Intro00:21 Welcome and Disclaimer00:42 Subscribe and Support01:07 Business Losses and NOLs02:43 Declining Income Concerns03:31 Passing Home to Kids04:18 IRS and Bank Access05:59 Meals Deduction Rules06:44 Reasonable Deductions07:09 How Long to Keep Returns07:29 Wrap Up and Q&A PromptSubscribe for more tips and strategies tailored for business owners and high earning professionals.On this channel, Stephen Lee shares proven strategies to help high earners, business owners, and professionals keep more of what they make, minimize taxes, and build lasting wealth.Whether you’re optimizing your S-Corp, investing smarter, or managing 1099 income, this channel gives you the tools to make confident money moves — backed by real client experience.Subscribe for smart, actionable advice — and take control of your financial future.The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.