Tax Scam Alert

The IRS releases a list each year to warn taxpayers about common tax scams.The intent of issuing such a list is to protect the public, warn scammers and to help the masses and unsuspecting taxpayers avoid penalties and interest that may result from an illegal scam.

Here is the IRS Dirty Dozen list:

1. Identity Theft

2. Phone Scams

3. Phishing

4. Scammers Promising Free Money from Inflated Funds

5. Return Preparer Fraud

6. Hiding Income Offshore

7. Impersonating a Charity

8. Reporting False Income, Expenses or Exemptions

9. Falsely Claiming Zero Wages or Using a False 1099

10. Frivolous Arguments

11. Abusive Tax Structures

12. Misuse of Trusts


More Updates


For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

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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

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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

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