As a professional in the tax world we all wish we could know EVERYTHING, all the time, but we find out on a daily basis that this is an impossible standard to set for ourselves. You find yourself asking what was that threshold amount again? Can my client take that deduction in full or is it limited? What are the rules about dual HSA accounts again?
Let’s be honest, in our daily lives we all have questions that pop up and the first place everyone goes to is Google. This is also true in the tax profession. We find the answer in layman’s terms then start to dig deeper to find the solid proof that this is the case. More times than not, I find myself on the IRS.gov website (come on don’t tell me this surprises you). This is the website that lists out all the laws and regulations and you can trust everything you read on it right? Wrong! Earlier this year the Internal Revenue Service issues a memorandum stating “that frequently asked questions (IRS FAQs) and other items posted on IRS.gov that have not been published in the Internal Revenue Bulletin are not legal authority.” I guess mom was right, you can’t believe everything you read on the internet, even if it is from a credible source.
Meghan Scott, EA