IRS Instructions as Clear as Mud, Even to the IRS
Tax time is just around the corner and that means it will be time once again to comb through all the jargon that is IRS tax forms. Many taxpayers have long bemoaned tax forms and instructions as just plain confusing and in some cases, downright sinister. However, even though filing taxes on your own accord can be a risky proposition, as long as you stick to the code and follow the IRS’s instructions carefully and exactly, you should be OK, right? Well, not necessarily.
What? How could that possibly be true? The fact is tax instructions don’t actually fall under the tax law. So, in reality, you could even follow the instructions on a tax form with exactness and still end up with an error. Of course, the IRS would understand if that happened to you, right? Well, not exactly. Many taxpayers have used this argument to no avail. In most instances, the courts side with the IRS and rarely hold the agency to what is written in its forms and instructions.
That’s because, unfortunately, according to legal precedence, the only things that hold up in court as tax law are regulations, official statutes and judicial decisions. That means even if you fill out your tax forms incorrectly and it’s the IRS’s fault, you will still be held accountable for those mistakes. It doesn’t seem fair that the IRS is ultimately not responsible to write correct instructions, but nevertheless when it comes to the IRS there isn’t too much that does seem fair.
Tax Planning Tips that Can Save You a Bundle
Let’s talk about some tax planning tips that can save you a bundle. Most high net worth individuals didn’t get wealth by sitting around and hoping to get rich. They have to earn it. That’s one of the biggest differences between just getting by and actually getting rich. And one of the things high net…
Millionaire Taxes- The Debate is On
Millionaire Taxes- The Debate is On. How many people are millionaires in the United States? According to recent statistics the number of people in the country with a net income of $1 million or more reached 9.63 million in 2013. That might sound like a lot, but compared to the total U.S. population that number…
The Time To Start Saving On Your Taxes Is Now
It’s tax time. What? April is still months away, isn’t it? While it’s true that that we still haven’t watched the big crystal ball drop in Times Square or even put up the Christmas tree, it is still time to think about your taxes. That’s because anyone who really wants to be prepared for taxes,…
IRS Announces New Efforts to Help Offshore Taxpayers Be in Compliance
IRS Announces New Efforts to Help Offshore Taxpayers Be in Compliance For years the IRS has been trying to track down U.S. citizens’ offshore assets in order to ensure that taxpayers are paying every penny they owe. However, these efforts have often affected many people who had no intention of ever skipping out on their…