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
Why Groco?

GROCO’s Mission Statement

GROCO’s Mission Statement About GROCO At Greenstein, Rogoff, Olsen & Co., we strive to deliver the best service to our clients. We are successful because we stay true to our vision, work hard toward our mission, and employ a series of core values. Our Vision is to be the most trusted advisors in the Bay Area serving…

Choosing a Real Estate Investment Market

Choosing a Real Estate Investment Market

Choosing a Real Estate Investment Market OK, everyone’s heard the old saying that “Location, Location, Location” is the most important factor when buying real estate right? But what does that really mean? What about a location should you know before buying a property for long term rental? Buying because the property’s in your own home…

Shareholders Pleased as Musk Decides Against Taking Tesla Private

Shareholders Pleased as Musk Decides Against Taking Tesla Private

The shareholders are pleased that Elon Musk decided against taking tesla private in what was sure to be a controversial move.  Not wholly unlike several bold and surprising moves the worlds most famous entrepreneur has done in recent years.  Tesla’s CEO Elon Musk recently created quite a stir after suggesting he was considering taking his…

Why Is Facebook’s U.K. Tax Bill So Small?

Why Is Facebook’s U.K. Tax Bill So Small?

Why Is Facebook’s U.K. Tax Bill So Small? How much do you earn a year? How much of your money goes to taxes? If you plan right and use the right professional help then no matter how much money you make you can still find ways to save on your tax bill. There is nothing…