I’m not sticking around today but I’ll say this, it seems to me that with all the consistent “thinking” we do as traders on what it all means we forget to realize that sometimes when the current temperature is say 67 degrees and the high is going to be in the 80’s and sunny that a statement saying it’s a beautiful day and it’s only going to get better, can quite simply mean that it’s nice outside and the temp is getting warmer today yet.
Sure 3 hours, or 3 days. Maybe its a week maybe a month? Nah I’m pushing it there but I’ve been audited by the IRS in the past and I’ll say this much as I know it to be true - you give them what you THINK is enough and weeks later they tell you it wasn’t or it wasn’t what they were wanting, here’s what we need, send it please. And you send that. Then a couple weeks later it’s, we need this info now.....and it goes on and on until they are satisfied. It’s not like you hand an auditor everything financial and it’s done. It’s up to them when they are satisfied and they say it’s done. And it’s NOT something that the one being audited can control besides how fast they gather the documentation. And again from experience this is not always simple either and I’m a good record keeper. For instance “we need the receipts for business entertainment” then “these don’t add up for 2008, seems there’s $6.92 not in this submission, please locate it”
Let me put it this way - you need to find that $6.92 receipt that was dropped while running away to the terminal from the McDonalds counter to catch the flight or you need to draft a letter of explanation to account for the incomplete record. And you need to spend hours and days looking and thinking about where the $6.92 was from. And that’s only ONE example.
Be patient and realize that this is good, it means the audit is legitimate and it’s going to be solid.
$LIBE
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