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 Tips for Entrepreneurs
If you’re looking to start a new company in the coming year then you certainly have a lot on your mind, not the least of which is how you will get started, what will you do to market your company and what are your chances of achieving success. The concerns and issues are endless…
IRS Announces New Inflation Adjustments for 2017
While the 2016 tax year is still not quite over, the IRS has already announced some important inflation adjustments for the 2017 tax year, which taxpayers will file for in 2018. While you might be more worried about your upcoming tax return, there are some important changes to know about. However, that being said,…
IRS Changes Deadlines for 1099 Forms
It’s almost January. Are you ready for taxes? Of course, Form 1099s are an important part of any tax season, and this coming year will be no different. As a taxpayer, if you receive any kind of Form 1099 don’t ignore it. The IRS will get the same form and you will be held…
Which Stocks Stand to Gain From Trump Victory?
Which Stocks Stand to Gain From Trump Victory? News of Donald Trump’s victory on November 8th sent shockwaves around the world and initially sent the stock market down. However, the market has since stabilized and reports of a major decline have not panned out. Of course, the stock market is in constant flux and things…