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
Leaving A Medical Career to Thrive in Entrepreneurship with Frédéric Brunner, CEO & Founder of Genioo

Leaving A Medical Career to Thrive in Entrepreneurship with Frédéric Brunner, CEO & Founder of Genioo

Introduction (Frédéric Brunner, from medical career to entrepreneurship) In this interview, Alan Olsen, CPA, MBA discusses leaving his medical career to become an entrepreneur.  Mr. Brunner is the CEO & Founder of Genioo. Transcript Alan Olsen Welcome to American Dreams. My guest today is Frederick Bruner. Frederick, welcome to today’s show. Frederic Brunner Thank you pleasure…

Celebrating Women's History Month

Celebrating Women’s History Month

Written by Traci Bullock. Women’s History Month Is an annual March celebration of the accomplishments and contributions of women throughout history. Women’s History Month is observed in the United States, Canada, and other countries. The celebration originated in the United States as a week-long event in 1981. Finally, in 1987, the Women’s History annual celebration…

My Entrepreneurial Journey with AI, an Interview with V Ray, co-founder of Valex Solutions

My Entrepreneurial Journey with AI, an Interview with V Ray, co-founder of Valex Solutions

Introduction (V Ray, an entrepreneurial journey with AI) In this interview, Alan Olsen, CPA, MBA discusses an AI entrepreneurial journey with with V Ray, Ms. Ray is the co-founder of Valex Solutions Transcript (software generated): V Ray AI has the ability to take in data and make decisions that would just seem so overwhelming for human…

Empowering Leaders of Family Businesses with Lee Brower

Empowering Leaders of Family Businesses

Introduction, in this interview, Alan Olsen, CPA, MBA discusses empowering leaders of family businesses with Lee Brower, Founder, Empowered Wealth LLC. Transcript (software generated): Alan Olsen Welcome to American Dreams. My guest today is Lee Brower. Lee, welcome to today’s show.   Lee Brower Alan, I’m delighted to be here. Thank you for having me.…