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
James Thayer

Impact’19: James Thayer

Transcript of Impact’19: James Thayer: Alan Olsen: Can you give a background on your career path before you came over to Clark Capital Partners?   James Thayer: I started out as a as an attorney doing patent litigation. My first big case was with Blackberry, Blackberry have been sued, and there was an injunction against…

Embracing Respectful Conflict

Embracing Respectful Conflict

What is embracing respectful conflict? Upon hearing the phrase “embrace respectful conflict,” people often won’t have a clue what it means, but in fact, embracing respectful conflict is a key component in building trust within a team. A fact of life Almost no one agrees on everything. People have their own opinions, ideas and procedures.…

World’s 50-Best Restauants

World’s 50-Best Restauants Looking for the world’s 50-best places to eat?  In an attempt to offer a small ray of hope to those thinking about when life returns to normal, we thought some of our readers might find a 50-best restaurants article hopeful. Why this article now? This article was updated during the COVID-19 pandemic… …

value Stocks

Growth Stocks Vs. Value Stocks, The Untold Reality

Growth Stocks Vs. Value Stocks, The Untold Reality When considering Growth Stocks Vs. Value Stocks the untold reality, I’d like to share the following with you.  Russell Investments makes the case in its “2021 Equities Outlook – Values Time to Shine?” that value stocks will outperform growth stocks for years to come. Much of their…