Using a Tax Shelter? IRS Says Beware
People look for many different ways to save on taxes, or even to avoid paying some of the taxes they really do owe. However, despite taxpayers’ best efforts, the IRS is always on the prowl and if you’re using unscrupulous means to avoid paying taxes there is a good chance you will get caught, including employing what the IRS calls “abusive tax shelters and structures.”
According to IRS Commissioner John Koskinen taxpayers should stay away from anyone who promotes or sells phony tax shelters whose only purpose is to avoid paying taxes that are owed. These schemes can end up costing taxpayers much more in penalties, interest and back taxes, said Koskinen.
Koskinen added that these types of schemes “have evolved from simple structuring of abusive domestic and foreign trust arrangements into sophisticated strategies that take advantage of the financial secrecy laws of some foreign jurisdictions and the availability of credit/debit cards issued from offshore financial institutions.”
If you want to save on taxes legally your best bet is to work with a highly capable accounting and tax firm, like GROCO, which knows how to utilize every legal tax measure available in order to get you the best refund possible. Give us a call or contact us online and make sure you avoid the perils of getting involved with the wrong kind of “tax help.”
Qualified Small Business Stock: An Opportunity for Investors
Qualified Small Business Stock: An Opportunity for Investors Updated: 11/16/10 Aiming to give a boost to developing small businesses, Congress granted an unusual tax break, allowing taxpayers who buy newly issued shares of qualified small business stock (QSBS) and hold it for five years to exclude from taxation half of their capital gain realized on…
Are You Still Waiting For Your Tax Refund?
Does it feel like this year is just flying by? The Calendar on your wall is right. The year is almost half over already. Where did all that time go? More importantly, where the heck is your tax return? It’s one thing to still be waiting for your return if you waited to file it…
IRS Amended Return
Source: IRS.gov Posted: 4/23/2013 What should you do if you already filed your federal tax return and then discover a mistake? Don’t worry; you have a chance to fix errors by filing an amended tax return. This year you can use the new IRS tool, ‘Where’s My Amended Return?’ to easily track the status of…
How to Fix Errors Made on Your Tax Return
If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 tips from the Internal Revenue Service about amending your federal tax return: When to amend a return. Generally, you should file an amended return if your filing status, number of dependents, total income,…