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
Leader or Manager – Which One Are You?

Leader or Manager – Which One Are You?

Leader or Manager – Which One Are You? Are you a great leader or just a manager? While your title may include “manager” that doesn’t automatically make you a leader. Likewise, being a manager doesn’t mean you can’t be a leader, as well. Some people might think the words leader and manager are interchangeable, but…

When Should I Convert From a Traditional to a Roth?

When Should I Convert From a Traditional to a Roth?

When Should I Convert From a Traditional to a Roth? If you own a traditional IRA then chances are you’ve considered converting it to a Roth IRA. At the very least, you’ve heard about this option and wondered if it’s right for you. Both types of IRAs are good. A traditional IRA is a way…

Why Doesn’t the Government Tax the Wealthy to Fund SS?

Why Doesn’t the Government Tax the Wealthy to Fund SS?

Why Doesn’t the Government Tax the Wealthy to Fund SS? The demise of Social Security is coming. In fact, it looks like it’s getting closer and closer every day. For almost eighty years retired workers have been collecting monthly Social Security checks. What started as a program to help low income individuals for a few…

Try These Strategies to Simplify Taxes in Retirement

Try These Strategies to Simplify Taxes in Retirement

Try These Strategies to Simplify Taxes in Retirement It might be coming up in a year or two, or maybe you’re still 20 years out, but retirement is coming at some point. There’s a lot to plan for when it comes to retirement, and taxes are one of the big ones. That’s the bad news.…