lol TMS.
If people are playing for pennies and filing normally, ok, that's one audience.
But for those who's stakes are bigger, and are filing a certain way, the expectation is not only different, it's real. There's a level of professionalism expected in an audit when filing a certain way. Sometimes records are extensive, as expected, but I can assure you IRS as access to information when they need it, beyond a bank account.
The IRS has already set rules about bitcoin and people should no where they stand and that the IRS is prepared, and still probably preparing...lol.
Again, I may be talking to a totally different audience, in fact, I know I am.
And I agree, consult the professional, especially when filing a certain way. I'm simply telling you what to expect and what is expected before you even get to your tax guy.
Don't minimize these facts just because they aren't relevant to most of the readers. Sure the IRS has a certain burden of proof, but I can't stress enough the difference in expectations they have for some filers.
Everyone has a different situation. I think we already had a tax thread and much of this was discussed.