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
Heidi Kuhn - CEO of Roots of Peace

Heidi Kuhn–Founder of Roots of Peace

Heidi Kuhn–Founder of Roots of Peace Transcript: Alan Welcome to today’s show. Can you share a little about your background with us?   Introduction of Heidi Kuhn, see bio below   Heidi When one looks back on the tapestry of our life, you know, it is those seeds that we have in common rather than…

Three Reasons the Fed is Lying About Inflation

Three Reasons the Fed is Lying About Inflation

Why would the US federal government purposely underreport or flat out lie about the current rate of US inflation?  Below are three specific reasons given during a recent interview of Robert Zuccaro, CFA, Founder & CIO of Golden Eagle Strategies. He actually cautioned about inflation last February in an earlier interview, and published his findings…

David Checketts

David Checketts – The Sports Business Legend

From consultant to NBA team president and general manager to regional church leader, David Checketts has a grand story. His American dream was to pursue his love for basketball and use his life experiences to create champion teams, and champion people. Listen as he shares his story of how he was able to reach his…

Space as a Service (SPaaS) the Next Great Frontier

Monetize space? Well, yes – many believe that space as a service (SPaaS) is the next great business frontier. Taken from an article By Randy Baron, lead portfolio manager at Pinnacle Associates, Ltd. Pinnacle Associates. On Thursday February 10th, four tiny NASA-funded satellites were lost on their way to space. These small experimental devices, called cube-sats,…