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.
Episode 28: CA Middle Class Tax Refund; Is Biden’s Student Loans Forgiveness Taxable?
If you’ve had any student loan debt cancelled as …
Episode 27: Criminal Investigations Division at the IRS
They will show you their badge, and they often ca…
The Miracle Behind the Growth of The Stock Market
The growth we’ve experienced in the last four decades in the economy as well as in the stock market is nothing short of a miracle. I attribute much of this growth to advancements in technology- specifically computer processors. Prior to the 1970’s computers were as big as refrigerators and operated in cool storage rooms. In…
How Income Taxes Became Part of The Constitution, Ron Cohen Episode 26
8/23/2022
This week we talk about:
What you need…