The IRS has just issued new guidance identifying 40 “frivolous” tax positions used on tax returns. (IRS News Release IR-2007-61) Those positions have no validity in the law.
To show it means business, the IRS has upped the penalty for frivolous claims to $5,000: 10 times the previous amount. For more information, refer to the document, The Truth About Frivolous Arguments, at www.irs.gov/taxpros/article/0,,id=159853,00.html.
- Small Business Tax Deduction Strategies No matches