Tuesday, February 26, 2008

Frivolous Claim….Got $5000?

Recently the IRS has amended their list of “frivolous” legal claims used by people who attempt to avoid paying taxes. Four new claims were added to the listed and include:

1. Misrepresentation of the 9th Amendment regarding objections to military spending
2. Erroneous claims that taxes are owned only by persons with a fiduciary relationship to the US
3. A non-existent “Mariner’s Tax” deduction for meals
4. The excessive use of the Section 6421 fuels credit

If you think you can use any of these claims on your tax return, well I hope you have an extra $5000 laying around for that is the penalty for filing. For more information regarding the new additions to the frivolous claims list, be sure to speak to your tax advisor and review IRS Notice 2008-14.

Keeping Your Business N Synergy

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