Glen Frost, managing partner of Frost & Associates, was quoted in an article featured in the USA Today speaking on taxpayers rights. Most individuals are aware of the severe consequences they may face if they break a tax law, even if it was done accidentally. However, most aren't well versed in the rules that the IRS must follow. Glen Frost says "It's often helpful to reference these rights when talking with the IRS." The key to this is knowing them.
In an article in The Washington Post, Glen Frost was quoted when he talked about a "mystery business." The business found an ingenious and legal way of making a 10 percent return on their money. The business just made sure to significantly overpay its estimated taxes, triggering a law that required the city to refund the overpayment plus 10 percent--in this case, an amount reportedly equaling around $475,000-- "If somebody could legally think of a way to get a guaranteed 10 percent, why wouldn't you do it?" said Glen Frost, adding, "Especially with the uncertainty of the market right now, I'd put that down."
The majority of people put preparing for next year's tax season at the bottom of their to do list once their tax return is filed. If you're one of the many people who have been struggling the last few weeks before the deadline, you can save yourself a huge headache and a lot of time come next year by preparing now. Here are five ways you can stay ahead.