Phishing schemes top the list of the IRS's 'Dirty Dozen' list of tax scams for 2019
Claiming excessive or bogus business credits to reduce your taxes is improper. Two schemes, in particular, involving the fuel tax credit and the research credit, have attracted the attention of the IRS. Unsupported claims for tax credits may subject taxpayers to penalties and interest. It is not illegal to have cash, brokerage accounts or other investments in foreign countries. It is, however, illegal to use foreign accounts to evade U.S. taxes.
Frivolous tax arguments may be used to avoid paying tax. Examples of frivolous tax arguments include refusal to pay taxes on religious or moral grounds by invoking the First Amendment, claiming that only federal employees are subject to federal income tax, or declaring that only foreign-source income is taxable. Those are all bogus. The penalty for taking one of these positions on a tax return is $5,000; additional penalties may also apply, including criminal prosecution.
Don’t get sucked into schemes promoted by advisors who promise you that you can permanently avoid taxation by buying their shelters and products. If it sounds too good to be true, be wary.
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Phishing Schemes Top List of IRS Dirty Dozen Tax Scams For 2019With just a few weeks until Tax Day, the Internal Revenue Service (IRS) is reminding taxpayers to be on the lookout for tax scams. The IRS has issued its annual 'Dirty Dozen' list of tax scams, highlighting a variety of schemes. The common thread, according to the IRS: Scams put taxpayers at risk.
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Phishing Schemes Top List of IRS Dirty Dozen Tax Scams For 2019With just a few weeks until Tax Day, the Internal Revenue Service (IRS) is reminding taxpayers to be on the lookout for tax scams. The IRS has issued its annual 'Dirty Dozen' list of tax scams, highlighting a variety of schemes. The common thread, according to the IRS: Scams put taxpayers at risk.
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