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Author: foo1bar Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Re: Roth IRA - 1099 and Fellowship Income Date: 2/9/2009 12:26 PM
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I disagree. I recall hearing about a criminal case which was based on underreported expenses. Of course, there was corresponding unreported income, but they couldn't find it (a laundromat). They could sure find the electric and water bills, though.
The evidence was underreported expenses - but they were being prosecuted for under-reported income.
I don't think that's the same.

If I forget to put down a charitable contribution on my income taxes, or lose the receipt and therefore can't put it on my taxes, I have to pay the extra taxes, but I haven't broken any laws.

Receipts get lost all the time. My understanding is that if some of the receipts for these business expenses were lost they couldn't be claimed as expenses.
Which to me means that it would be legal to underreport those expenses and just fail to have those receipts.
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