018 - Audits, S-Corps, and Shenanigans: What Can You Actually Get Away With?

You’ve probably heard someone say, “Just become an S-Corp, the IRS doesn’t audit those.” Today, we dig into whether that’s actually true (spoiler: mostly, yes), and what that means for your tax strategy.

Travis walks through real IRS data showing S-Corps are audited way less than sole proprietors, like 1 in 12,000 vs. 1 in 5,000 or fewer. But fewer audits ≠ free rein to deduct your Tesla or dog as “stress relief assets.”

We unpack:

• Why S-Corps fly under the IRS radar
  
  
• What the IRS considers legal vs. illegal (hint: tax avoidance = good, tax evasion = orange jumpsuit)
  
  
• Whether having sloppy receipts is criminal (nope, but risky)
  
  
• Form 8275: the IRS-sanctioned way to take a bold but honest tax position
  
  

Plus, Travis shares 5 key questions to ask before writing something off — including whether you’d feel good explaining that expense to an IRS agent with a straight face.

Whether you love the gray area or run from it, this one’s for you.

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