IRS Dirty Dozen – Tax Scam Alert for 2017

The IRS released its annual list warning taxpayers about common tax scams. The IRS’ intent of issuing this list is to protect the public, warn scammers and to help unsuspecting taxpayers avoid penalties and interest that could result from a tax scam.

Here is the IRS’ “Dirty Dozen” list for 2017:

  1. Phishing
  2. Phone Scams
  3. Identity Theft
  4. Return Preparer Fraud (Confirm You Are Using a Real Tax Professional!)
  5. Fake Charities (Don’t Be Fooled By Masquerading Scammers!)
  6. Inflated Refund Claims
  7. Excessive Claims for Business Tax Credits
  8. Falsifying Expenses and Padding Deductions
  9. Falsifying Income to Claim Tax Credits
  10. Abusive Tax Shelters and Misuse of Trusts
  11. Frivolous Tax Arguments
  12. Hiding Offshore Income for Tax Avoidance

Source: IR-2017-37

More Updates

CRDS AND ROTH CONVERSIONS – ABUSE OF THE RULES?

The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

Read More »

Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

Read More »

Tapping Into Retirement Accounts If Not Directly Impacted By COVID-19

The recently-­‐enacted Coronavirus Aid, Relief, and  Economic Security Act (CARES  Act) signed by President Trump  on  March  27, 2020, allows  “qualified individuals” to take up  to  $100,000 of  penalty-­‐free IRA and company plan withdrawals during 2020. “Qualified individuals” include those who are (or whose family members are) sickened by the virus or who have virus-­‐related

Read More »
Scroll to Top