IslandGuy
Registered Member
Hi all,
I worked with a tax attorney for a number of years when I was in college and thinking about going into law (luckily I smartened up before it was too late
), and learned some really interesting and kind of scary things about taxes and the IRS, so I thought it might be interesting to share some stories, now that we're all investing or thinking about it and wondering what to do with all that money we're making (or not).
One thing that I thought I'd start this thread out with is a fact that a lot of Americans don't realize -- there is a separate court system for taxes called (appropriately) tax court. So if you have a beef with the IRS and it goes to a court case, it is heard in tax court, not regular court. Tax court rotates around the country, so sometimes you have to wait a long, long time to get on the docket. Plus, the rules of what is admissable and other legal issues are very different. From what I saw happen to some people, it is almost as if in tax court you are considered guilty until proven innocent (of course, you're not, but the rules are different enough that it really can put you at a disadvantage unless you get good legal advice from someone who is experienced -- in fact the best tax attornies usually worked for the IRS before heading out on their own, because they know how the system works).
Anyone had any experiences with their finances and taxes? Luckily, I've never previously had to deal with anything other than standard stuff, but now with my own business pretty well established, it is a different deal.
So I'm hoping someone else has some advice or experiences to share. It's been quite a few years since I worked with this tax attorney, but I doubt much has changed with the IRS (I still keep in touch with him socially from time to time).
I worked with a tax attorney for a number of years when I was in college and thinking about going into law (luckily I smartened up before it was too late
One thing that I thought I'd start this thread out with is a fact that a lot of Americans don't realize -- there is a separate court system for taxes called (appropriately) tax court. So if you have a beef with the IRS and it goes to a court case, it is heard in tax court, not regular court. Tax court rotates around the country, so sometimes you have to wait a long, long time to get on the docket. Plus, the rules of what is admissable and other legal issues are very different. From what I saw happen to some people, it is almost as if in tax court you are considered guilty until proven innocent (of course, you're not, but the rules are different enough that it really can put you at a disadvantage unless you get good legal advice from someone who is experienced -- in fact the best tax attornies usually worked for the IRS before heading out on their own, because they know how the system works).
Anyone had any experiences with their finances and taxes? Luckily, I've never previously had to deal with anything other than standard stuff, but now with my own business pretty well established, it is a different deal.
So I'm hoping someone else has some advice or experiences to share. It's been quite a few years since I worked with this tax attorney, but I doubt much has changed with the IRS (I still keep in touch with him socially from time to time).