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Episode 1808:
Vicki Cook and Amy Blacklock clarify how the IRS distinguishes between willful tax fraud and unintentional negligence, emphasizing that intent is the deciding factor. They outline the serious consequences of fraud compared to the penalties for honest mistakes, helping readers better understand how to avoid costly missteps when filing taxes.
Read along with the original article(s) here: https://womenwhomoney.com/willful-tax-fraud-unintentional-negligence/
Quotes to ponder:
"Fraud requires an intentional act."
"The difference between willful tax fraud and unintentional negligence comes down to intent."
"Negligence may lead to penalties and interest, but fraud can result in criminal charges."
Episode references:
Internal Revenue Service - Taxpayer Rights: https://www.irs.gov/taxpayer-bill-of-rights
IRS - Accuracy-Related Penalty: https://www.irs.gov/taxtopics/tc306
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