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.
What Do You Do When You Owe Taxes But Don’t Have the Funds?
For many people tax season brings the joy of a nice big refund to go out and splurge on something they’ve had your eye on for a long time. On the flip side of the equation are those people who surprisingly, or not, end up owing the IRS money. Not only do these people miss…
Startups Should Pay Heed to These Tax Tips
Tax season us winding down and there’s a good chance that most businesses have already filed their tax returns. If you’re a business owner and you still haven’t filed then contact us right away to get it done. In any case, now is a good time to review some tax tips for businesses, especially for…
Sound Business Planning and Consulting In Troubled Times
Every successful business requires strategic business planning and effective management and consulting. As our country continues to move toward a healthier economy these business staples will continue to play a key role in how much success companies have moving forward. At GROCO we offer strategic business plans that can help lead your company in the…
Change in the World
Be the change you wish to see in the world. – Mahatma Gandhi