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Archive for the ‘Tax Scams’ Category

Avoiding Tax Evasion

September 11, 2015  |   Tax Scams   |   Tags: , ,  

Tax evasion is often intentional, but sometimes even a well-meaning taxpayer can inadvertently face charges of tax evasion. There are various circumstances that can lead to an individual being suspected of tax evasion. Below are some common examples: Non-Reporting of Overseas Income Taxpayers are not always aware that they need to report and pay taxes on income earned overseas. When the IRS discovers that certain income sources have ...

When does the IRS pursue criminal charges?

July 25, 2015  |   Tax Scams   |   Tags: , ,  

Violations of the Internal Revenue Code such as tax evasion and tax fraud may lead to criminal charges. Cases of tax evasion are dealt with most severely and are more likely to lead to criminal charges. Tax fraud, on the other hand, can lead to civil penalties, and in some cases, criminal charges as well. Investigation by the IRS The IRS receives information about tax fraud and ...

Identity Theft and Refund Fraud

July 17, 2015  |   Tax Scams   |   Tags: , ,  

Mailboxes, email, trash, computers, and phones are all sources for scammers to try to steal your personal information and file fraudulent tax returns in your name, using your social security number. They will use erroneous tax credits, deductions, and income figure to get the maximum refund possible. To protect your money and identity, it’s smart to review tactics used by identity thieves when they attempt to ...

Top Three IRS Tax Scams

May 08, 2015  |   Tax Scams   |   Tags: , ,  

Taxpayers, the IRS and the Treasury lose millions of dollars to tax scammers every year. The best efforts of law enforcement agencies and the IRS have not been able to halt ongoing fraudulent activity. At the end of the day, taxpayers suffer because of the loss of money and the complications inherent in getting their issues corrected. The top three IRS tax scams in the country ...

Do You Need to Pay Taxes On Bitcoin?

April 07, 2015  |   Tax Advice,Tax Scams   |   Tags: , ,  

Bitcoin is a virtual currency invented by Satoshi Nakamoto in 2008. Bitcoin uses encryption to make transactions secure and is operational worldwide. It is not, however, backed by the federal Treasury in the U.S. or by any government in the world. In a transaction of bitcoins, two people can make a transaction without an intermediary. There is no central repository or an administrator controlling the system. Due to this feature of bitcoin, the U.S. Treasury ...

Thousands Get Wrong Health Coverage Information from the Marketplace

About 80,000 tax filers who used the federally-facilitated Marketplace coverage last year and used tax credits to lower their premium received wrong information on their Form 1095-A. Luckily, most of them haven’t filed their tax returns yet. They await the updated form with the corrections from the federal government. The estimated date of receiving the updated form is the beginning of March. Those who filed their ...

Why the TurboTax Security Breach Should Worry Us

February 17, 2015  |   Tax Scams   |   Tags: , ,  

The security breach of TurboTax came as a blow to Intuit, the company that owns TurboTax. Even though after a brief shutdown and added security TurboTax was operational again, the breach shows what identity thieves are capable of. It is particularly worrisome because taxpayers had no control over preventing their identities from being stolen. Identity theft is steadily becoming a problem with no solution. Despite the efforts of ...

The IRS Phone Scam – What you Need to Know

January 05, 2015  |   Tax Scams   |   Tags: , ,  

During 2014, when the IRS phone scam spread across the United States, it was dubbed “the largest tax scam of its kind” by J. Russell George, the Treasury Inspector General for Tax Administration. After many months, despite efforts made by the IRS and law enforcement agencies, the IRS phone scam is still claiming thousands of victims across the nation. In this tax scam, victims receive calls ...

IRS Scam Artists Find Weak Spot In International Tax Law

If you visit the IRS website, on their list of ways to avoid tax scams, they clearly explain that the IRS will never call you for any reason. So, it is becoming common knowledge not to hand out personal information over the phone. However, this rule of thumb may be unfamiliar to foreign banks and IRS scam artists are taking advantage of it . The Foreign Account ...

Top five IRS Tax scams to look out for

September 17, 2014  |   Tax Scams   |   Tags: , ,  

The IRS identifies the common tax scams in their “dirty dozen” list. As expected some go to excessive lengths to put in false information on tax returns, criminal minds don’t sleep it seems, but there are a lot of people which get involved with incorrect and misleading advice from tax preparers or bogus scheme promoters.   Here are the five IRS scams to look out ...