A Few Tax Schemes To Be Aware Of
As the tax deadline nears, the Internal Revenue Service is warning people to be aware
of fraudulent tax preparers, offers that seem to good to be true and hidden offshore bank accounts. Taxpayers should be aware of anyone offering advice and services that may see them fall prey to tax schemes that could result in fines or even jail time. Among the news scams to watch out for this year are preparers who offer refunds that don't even exits.
Fraudulent preparers will file false or misleading returns by lying about the amount of your charitable donations, attempt to claim a credit for things such as gas that was for personal use, or they will file a phoney salary amount, all in an attempt to skim more money off a client if they're being paid by a percentage of the return. They will often try to lure clients to by offering unattainable refunds or attempt to charge more than they should for their services
It's easy enough for people to impersonate the IRS to obtain your personal information. These impersonators then use your information to gain your identity, access your bank accounts, run up credit card debt or even apply for loans. Phishing for personal information via email is a widely spread scam that still snags many people, so it's essential that you are careful before replying to that e-mail from the IRS notifying you of the thousand dollar refund you're eligible for this year. These scams can also come in the form of phone calls, faxes or even tweets.
It's simple for an accountant or tax preparer to take advantage of you, especially if you're unfamiliar with the tax code or paperwork involved with filing a return. There have even been instances where preparers have convinced their clients to argue about the amount of their tax return with the IRS in an attempt to bring more money into their agency. They have also been known to suggest their clients give themselves a pay cut in an attempt to lower the amount of taxes owed. Some taxpayers are agreeing and are filing phoney wage-related information, which can easily result in a $5,000 fine.
Another scheme to be aware of is your tax preparer suggesting you hide your business under another entity. These are often disguised through a third-party used to request an employer identification number, which means the business can then be used to underreport income, financial crimes, money laundering and fake deductions.
by: Molly Wider
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