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


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