Rules of Thumb for Taxes: Report Everything, Always File

The author makes some really great points about tax filings. Anyone that has ever worked in the tax industry will echo these sentiments.

The first point is that regardless of whether or not you think you owe tax, you should always report everything. There are a lot filings with the IRS that just contain information (FBAR, 8938, 3520, 5471, etc) and have nothing to do with paying tax.

The second point is to always file timely. If you have incomplete information, then file and amend. Some filings have hard deadlines and cannot be extended (see FBAR). Start with these two rules of thumb. If you have some complexity to your IRS filings, you should seek a federal authorized tax practitioner that has experience with the specific issues you are facing.

Read more about failure to file all necessary documents

 

About Five Stone Tax Advisers

Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.

FOUND THIS USEFUL ? SHARE WITH
Five Stone Tax
by Five Stone Tax

Five Stone Tax is America’s trusted tax adviser, offering full-service tax solutions with the goal of making sure all of our clients pay the lowest amount of taxes legally possible. As the most effective tax representation company in America, our team consists of the best Tax Attorneys, Enrolled Agents, case managers, and administrators in the industry.

Subscribe to Our Blog!

Don’t miss out our filing tips & deadlines, global tax news and customer case studies

Give it a try—it only takes a click to unsubscribe.