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Tax scams to avoid for the 2016 filing season

Posted by kftaxaccounting2014 on February 23, 2015 in Uncategorized | 3 comments

Could it be desperation that makes people go into fraudulent acts when it comes to filing of taxes and a lot more?The IRS is really big on this issues,identity theft, phishing……and all forms of scam.The IRS are aggressively pursuing individuals with any suspicious act and if found guilty will be prosecuted.

To raise consumer awareness, The IRS issued a list  of the Dirty Dozen scams.

Identity theft

This is when someone uses your stolen social security number to file a tax return.Scam can come in different forms,please take note of emails,telephone calls or general advice on tax related issues and please ensure to give your social security number only when it is absolutely necessary.Even though IRS have successfully stopped about 19 million suspected return and protected over $63 billion in  fraudulent refunds,identity theft is still a major concern of the IRS.

Phishing

You should watch out for email or website looking to steal personal information,Note that most of this site poses as a legitimate site and lures you to give out your financial and personal information. IRS will never send you an email for refund or bills  and will not initiate contact  with taxpayers and please avoid clicking links from such emails.

Hiding Money/Income Offshore

Also you need to know that it is a bad bet to hide money and income offshore, the IRS is committed to stopping offshore tax evasion where ever it occurs.If you have a financial account abroad,you have to report it during filing season,this way you will be avoiding penalties or fines.

Return Preparer fraud and Inflated Refund Claims

Even though you want outlandish refunds,you should watch out for tax preparers that seizes the filing season to indulge in their immoral act of refund fraud. As we all know that filing a tax return is one of the biggest transactions of the year, it is pertinent to know what to look for in a tax preparer  and make sure you read and understand everything in your return before endorsing it. Some tax preparer steal from their clients or even compromise their tax return . . Remember! you are legally responsible for everything on your return, see more on how to choose the right tax preparer.

  Filing Fake Documents to Hide Income

If you are one of those that file fake document or falsify Form 1099s to hide your income then this is to let you know it is a scam that is punishable by the law.D not get convinced by tax preparer promising you of reduced tax bills or large refund, it is your tax refund and you are responsible for any compromising details on it.

Fake Charities

Do not give charity to groups masquerading as charitable organizations  using  tax season as an avenue to source for fund,it is your hard-earned money and if you want to give it out, make sure you are giving it to the currently eligible and legitimate  charitable organizations.

Frivolous Tax Arguments and Abusive Tax Shelters

Avoid unreasonable and outlandish  tax argument that has no serious purpose  but to avoid paying taxes you owe.Even though you have the right to contest your tax liabilities in court, you do not have to disobey the law by indulging in the frivolous schemes or disregard your responsibilities to pay taxes.Some people create and sell tax avoidance schemes,you should know the IRS is committed to stopping this scheme.

Excessive Claims for Fuel Tax Credits

Business owners are allowed to claim fuel tax credit, but this is generally limited to off high way business use  or use in farming and should not be used to inflate your tax refund.

Note: A fuel tax credit can be claimed by filing Form 4136(Credit for Federal Tax paid on Fuels) with your tax return.

 

Even though all of this scam occurs on daily basis,it is always at it’s peak during filing season so beware!The IRS is working with various financial institutions to identify and stop fraudulent return.

Don’t get involved in the dirty deals,let’s take the hassles off you.

 

 

 

 

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

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