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
Effective Leaders Share These Seven Important Skills

True Leadership Really Depends On Just One Quality

True Leadership Really Depends On Just One Quality If you could choose only one quality for a good leader to have what would be? Or, if you had to describe a good leader in only one word, what word would you choose? Would it be compassionate, trustworthy, humble, integrity, or perhaps something else? All of…

The Key Asset to Building Top Performers

How Top Performers Stay Out of Their Own Way

How Top Performers Stay Out of Their Own Way What is a high performer? Does it mean you’ve been promoted to an upper-level position in a company? Does it mean you set and achieve goals at a high level? Does it mean you always come out on top in your professional life? Those all fit…

The Tax Cuts and Jobs Act and the Economy

The Tax Cuts and Jobs Act and the Economy

The Tax Cuts and Jobs Act and the Economy The largest tax reform in recent history is now upon us and since it has already gone into effect, many people are wondering what comes next. While it won’t affect your tax bill this 2017 filling season you should expect to see some changes over the…

Bitcoin and your tax bill

Bitcoin and your tax bill

Bitcoin and your tax bill Ripple. Ethereum. Litecoin. Dash. Monero. And the oh so famous Bitcoin. All of these are different cryptocurrencies which recently have been all the rage among investors, and with their extreme volatility, their future is constantly in question. What is Cryptocurrency Now for those who don’t know, cryptocurrency is a form of digital…