Legal Question in Tax Law in Florida

Re: IRS audit

If you do not show them to the auditor, he may issue a summons to the bank and get them that way. You should consider retaining an attorney in your area.

Re: IRS audit

This is a somewhat loaded question. You are required to maintain records that support claimed deductions. The IRS may be looking to see if you have any bank records to support them. It may also be doing an income probe or trying to determine non-taxable sources of income or interbank transfers of money.If you don't give them these records they may disallow all deductions or increase your income. They may also issue a summons to you or your bank for the records, in which case it is highly probable you will have to turn them over.

If you have a serious ( as in criminal or civil fraud) concern about the impact of turning them over, you need to retain counsel immediately. Bank records can provide many leads to other accounts, potentially, money laundering, gambling, etc.