If You’re Going to Argue About Taxes Your Argument Better Be Good

Lets face it a lot of taxpayers make mistakes on their tax returns. It’s also true that there are plenty of other taxpayers that willfully falsify their returns in order to save on their total tax bill. Some people even go as far as to simply skip out on filing a return all together. You should already know how that sits with the IRS.

Of course, the nation’s top tax agency doesn’t take kindly to people who don’t file a tax return when they are obligated by the law to do so. What’s more, they like it even less when one of those individuals or companies decides to argue their case but doesn’t have much of an argument. Taxpayers give all kinds of reason for not filing a return, but if you plan on putting up a fight with the IRS, then you had better have a really good reason; and forget about any argument deemed frivolous. The IRS hates those.

In fact, the tax agency even has a list of such arguments and if you happen to go down that road you can expect serious consequences. That’s because the IRS has the right to add a special frivolous position penalty to your bill under Section 6702 of the tax code. As with all situations associated with the IRS, your best bet is to always just tell the whole truth and nothing but the truth. However, if you aren’t completely truthful to begin with, don’t make it worse with a frivolous argument.

Posted in
Matt Garibaldi, self storage, Alan Olsen

Matt Garibaldi | The Self Storage Market

Matt is the President of FollettUSA and Founder / President of Storage Star. FollettUSA is a California-based boutique real estate firm investing in high quality income-producing properties with the goal of generating tax-efficient income, long-term equity capital appreciation, wealth preservation, and estate planning efficiency. FollettUSA invests primarily in two core assets classes — manufactured home communities and self-storage facilities — with a long track record of exceeding investor

Sheila Driscoll: The Billionaire Foundation

Sheila Driscoll: The Billionaire Foundation

Sheila is the Managing Director at The Billionaire Foundation where she helps coordinate foundation research work and initiates new introductions between existing foundations and our research team.

Nancy Gale

Nancy Gale, Founder of JAMAH

Nancy Gale is an inspiring individual with a fascinating story of overcoming hardship and creating something beautiful out of the pieces…

Venk Shukla

Venktesh Shukla: His Journey into the VC World

Interview Transcript, Venktesh Shukla: His Journey into the VC World: Alan Olsen: Can you tell us a little about your background? Venktesh Shukla: I was born and brought up in India. I did bachelor’s in electrical engineering my sister was in US and she thought that every self-respecting electrical engineer should be in Silicon Valley so…