Don’t leave your tax forms blank

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in Small Business Tax,Small Business Tax Deduction Strategies

Q. My friend told me he submitted a blank tax return to the IRS. Is this even possible? Anonymous, Akron, Ohio

A. Yes. Of course, it’s extremely unlikely that a taxpayer would legitimately not have anything to report, but it might happen for someone from a foreign county with no U.S.-source income. More often, filing a blank return is a form of protest by the taxpayer, who could then be flagged by the IRS for making a frivolous tax argument.

Tip: It is noteworthy that a valid return signed by the taxpayer starts the statute of limitations running.

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