IRS Identifies 40 Frivolous Positions for Taxpayers to Avoid
Source: Internal Revenue Service (IRS)

The Internal Revenue Service today issued guidance identifying dozens of frivolous positions that taxpayers should avoid when filing their tax returns. The guidance lists 40 positions which have no basis for validity in existing law or which have been deemed frivolous by the United States Tax Court or other federal court.

If these or other frivolous positions are contained in a tax return, taxpayers could face a $5,000 penalty – 10 times the previous maximum.

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This entry was posted on Friday, March 16th, 2007 at 4:06 pm and is filed under Legal and law enforcement, Taxation. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.