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.
Time to Add These Watches to Your Collection?
Time to Add These Watches to Your Collection? Rolex, Audemars Piguet, Tag Heuer, Vacheron Constantin, and Cartier, these are just a few of the most well known high-end luxury watch brands in the world. Owning a few expensive luxury watches is common amongst most high net worth individuals, but for some collecting multiple rare and/or…
How to Plan for a Trump Presidency
How to Plan for a Trump Presidency Did you hear the news? America has elected Donald Trump as the nation’s 45th president. So, unless you’ve been in a coma or hiding out in a cave in the middle of nowhere, then you already know that. It’s also very likely that you’ve already started to wonder…
Have You Considered Art Investment Funds?
Have You Considered Art Investment Funds? What makes a piece of art truly great? Is it the art itself, or is it the artist who created it? Is art great because of its culturally iconic status, or because of what it represents? Art, after all is very subjective and what one person feels is worthy…
Would Buying a Corporate Jet Make Sense for You?
Would Buying a Corporate Jet Make Sense for You? One of the most common aspects of the business world is travel. People come and go every day for all kinds of reasons and to all kinds of locations worldwide. While most air travelers typically do the bulk of their traveling with commercial airlines, there are…