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.
Estate Planning Can Protect Your Wealth From Obamacare
Have you considered that estate planning can protect your wealth from Obamacare? What if everything you worked for in life, was handed over to the government the moment that you were about to give it to your heirs? Unfortunately this nightmare could be a reality if you don’t plan against it. Obamacare has expanded Medicaid,…
Relocating? Revisit your Planning
Relocating? Revisit your Planning If you are new to our state, or someone among your family or friends has just relocated here, we say, “Welcome!” Your move was certain to have been hectic (isn’t everyone’s?), and you still must have a million things to do. Even so, we’d like to make some suggestions regarding your…
Save for Retirement – Early is Better than Late
Save for Retirement – Early is Better than Late We all should plan for our retirement. The worst thing that can happen is to reach an age where you don’t want to work anymore, and not be able to quit because you don’t have the money saved to do so. Most of us start saving…
Estate Tax Confusion Continues as of 2/13/10
Estate Tax Confusion Continues as of 2/13/10 As of 2/13/10, U.S. estate tax outcomes — (and capital gains tax for the heirs) — for taxpayers who pass away in 2010, are becoming more confusing each day Congress does not act to replace expired laws. The following is a Wall Street Journal article on the complete…