June 2012
8. Yeah, I Don't Need to Pay Taxes Some scammers will encourage taxpayers to make frivolous arguments some of which have already been tossed out of court, such as the notion that paying taxes is voluntaryin an effort to get out of paying taxes. Before you decide to try an argument that surely no one has considered before, check these outor you could find yourself tossed out with it. 9. False Documents, Secret AccountsOh, Wait, This Isn't Espionage Some scammers advocate that people file returns based on false documents, such as a Form 1099 Original Issue Discount, so they can claim refunds they shouldn't be getting. There's also another urban myth-type belief that the federal government maintains secret accounts for U.S. citizens and that taxpayers can gain access to the accounts by issuing 1099-OID forms to the IRS. 10. Gifts That Keep on GivingCharitable Gifts and Donations If several different charitable organizations claim the same non-cash assets as donations, or if a 501(c)(3) organization is intentionally abused via schemes to protect income or assets from taxation, the IRS is wise to that. These are just some of the ways in which charities can be manipulated for gain, and that's not very generous. 11. Hiding Behind a CorporationDisguised Corporate Ownership Money laundering, underreported income and other devious strategies can accompany efforts to hide the true ownership of a corporation. Don't be sucked in. 12. A Matter of TrustMisuse, That Is While there are plenty of legitimate purposes for trusts, there are also plenty of schemes involving them. Attempts to cut taxes in illegal ways, write off deductions via a trust that wouldn't work for an individual and cut estate or gift taxes are just some of the ploys involving the use of a trust. But the IRS is watching. If you need help understanding any of these tax scams or any other financial or retirement planning or investing ideas, please contact Bob Davis at DAVIS INVESTMENT GROUP at (707)648-2024.
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