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IRS Dirty Dozen Tax Scams
Identity theft: It’s the IRS’ top scam. Thieves file a tax return – and obtain a refund – in the victim’s name.
Phone scams: Scammers impersonate IRS agents. The caller will say the consumer is entitled to a refund, but they need to provide their Social Security number or bank routing info, or they’ll say the consumer owes back taxes and threaten them with arrest.
Phishing: This is just like the phone scams – but online.
False “free money”: This scam plays upon the victim’s greed by promising large federal refunds they aren’t entitled to.
Preparer fraud: Only use preparers who sign the returns they prepare, enter their IRS Preparer Tax Identification Number and give you a copy of your return.
Hiding income offshore: The IRS is cracking down on people who evade U.S. taxes by hiding their money in offshore banks, brokerage accounts or nominee entities.
Bogus charities: Scammers impersonate charities to draw out money and private information from taxpayers who think they’re making a tax-deductible contribution.
False information: Beware of reporting false income, expenses or exemptions on your tax return to get a bigger refund.
Frivolous arguments: The IRS is not a big fan of these, so if you’re tempted to say that you don’t owe taxes because they’re voluntary or you didn’t get due process or some other goofy argument, it won’t work.
The “zero wages” lie: In this fraud, the taxpayer submits a Form 4852 (a substitute W-2) or a “corrected” Form 1099 to make their income look lower and avoid paying taxes.
Abusive tax structure: This is a rich guy scheme in which the taxpayer uses domestic and foreign trust arrangements and the financial secrecy of foreign countries and offshore banks to avoid paying their fair share.
Misuse of trusts: Not all trusts are bad, but the IRS is on the hunt for unscrupulous promoters who urge people to transfer large amounts of assets – including cash, investments and ongoing businesses – into a private annuity or foreign trust just to avoid paying taxes.
“If you have no confidence in self, you are twice
defeated in the race of life. With confidence,
you have won even before you have started.”
Herschel Bentley is the Executive Director of National Credit Federation. He has 30 years experience in the credit, mortgage and real estate markets and loves helping people improve their credit and seeing referral sources grow their business.
Lawrence M Law has 25 years of Credit Repair experience as a Mortgage Lender, Real Estate Investor, and being CEO of Vantage Credit Alliance. He helps people get out of Debt, correct their Credit, increase their Income and save, protect and grow assets with the Family Banking Plan. If you would like to have a personal, one on one appointment with him, call 801-769-9443801-769-9443 or request an appointment on This Link. There is no question that does not have a powerful and efficient answer that works.