Tax Scams on the Rise
Tax season is over.  However, the IRS is warning consumers about tax scams that could cost them money well into the 2009 tax year. Those tax scams are:
- phishing
- hiding income offshore
- filing false or misleading forms
- abuse of charitable organizations and deductions
- return preparer fraud
- frivolous arguments
- false claims for refunds and requests for abatement
- abusive retirement plans
- disguised corporate ownership
- zero wages
- misuse of trusts
- fuel tax credit scams
Most of the tax schemes mention here do not affect real estate investors, buyers, or sellers; however, there are several that do affect the individuals mention above so that is why this topic is being covered.Â
Phishing is especially important because it has to do with internet tricks used by scam artists to get your most precious commodity, your identity. Beware of any email that states it is from the IRS or your bank that ask for your personal information. Remember, the IRS and your bank do not engage in such activity.
Another tax scam that you need to be care of is disgusing of corporate ownership. Make sure that your ownership is clear and precise when filing your income tax returns. Have your corporation’s article of organization reviewed by both your attorney and your tax preparer to ensure that you are filing all the appropriate documents. You will also have to file the articles of organizations, ownership, and register agent information with the state in which your business is incorporated. The state in which you are incorporate with will ask for updates to the latter information on an annual basis, so ensure this information is accurate and available.
For more information on tax scams, please visit www.irs.gov
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Tax Time is Here - Learn about tax deductions that are often overlooked.
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