Problem NO: 30

Duff is really interested in decreasing their tax liability and tends to be somewhat tax aggressive. A friend of a friend told Duff that cash transact

Duff is really interested in decreasing their tax liability and tends to be somewhat tax aggressive. A friend of a friend told Duff that cash transactions are more difficult for the IRS to identify and, thus, tax. Duff is contemplating using this “strategy” of not reporting cash collected in their business to minimize the tax liability. Is this tax planning? What are the risks with this strategy?

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