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.
Thieves Steal Confidential Taxpayer Info Via IRS Website
Just when you thought you were safe to access important and confidential information via the IRS website, it turns out scammers are at it again. According to reports from the IRS, thieves have managed to break into one of the government agency’s website services and steal the confidential information of thousands of taxpayers. In fact,…
SEC Penalizes Deutsche Bank for Questionable Accounting Issues
Accounting mistakes can happen to anyone, whether you’re self-employed, have a small business with just a few employees, or you run a major corporation. However, even when mistakes happen, the consequences can be damaging. When those mistakes, or irregularities, involve large organizations like corporations, banks and financial institutions the consequences can be severe. Recently, the…
Activists, Unions Take Aim at Governor Brown’s Budget Grip
California Governor Jerry Brown has been known to rule the state’s budget with a tough grip. Not much has passed or been voted down without him having a hand in the decision. The governor has fought for tax hikes, put the kybosh on new programs that call for more spending and worked tirelessly on building…
Tax Fraud Getting More Advanced – Are You Prepared?
It used to be that tax fraud was fairly cut and dry. Essentially, it involved an individual or company who, for various reasons, tried to purposely fudge on their taxes, either by understating their income or by trying to completely skip out on filing a return. Those practices certainly still exists, despite the IRS’s constant…