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.
America Taking Money From Its New Citizens?
America Taking Money From Its New Citizens? According to various government reports, there are literally trillions of dollars being hidden in offshore accounts by Americans who don’t want to pay their fair share of taxes. Of course, everyone should have to pay his or her fair share to Uncle Sam, but no one should be…
Where Can You Find the World’s Best Tax Havens?
Where Can You Find the World’s Best Tax Havens? What’s your next vacation location: the Caribbean Tahiti, Bermuda, Belize, the Virgin Islands, or perhaps the Cayman Islands? These are all great choices and many of the world’s wealthiest individuals not only get to travel to these exotic locations on a regular basis, but many of…
Enjoy Them While They Last: End of Bush Tax Cuts Could Throw U.S. into Deeper Recession
Enjoy Them While They Last: End of Bush Tax Cuts Could Throw U.S. into Deeper Recession A few Senate Democrats recently made noise over ending the Bush Tax Cuts in January 2011 given the country’s economic prospects. Although many people have predicted that the end of the Bush Tax Cuts is a foregone conclusion, a…
Trusts for Children
Trusts for Children There is a new message that the very wealthy are delivering to their children, a message heard more and more often. And it is a message that could just as well be delivered to the children of parents with somewhat more humble accumulations of assets. To state it bluntly, the message is:…