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.”
Defining A Meaningful Life | Howard Getson
About Howard Getson Howard Getson is the founder and CEO of Capitalogix, an AI trading systems company that essentially provides its users a “hedge-fund-in-a-box.” Prior to forming Capitalogix, Howard had an active corporate legal practice which he worked in from 1987 to 1993. Howard has a passion for helping people define purpose in their…
Economics Today: North Korea, China and South-East Asia | Richard Dasher
About Richard Dasher Richard Dasher has been Director of the US-Asia Technology Management Center since 1994 and, concurrently, Executive Director of the Center for Integrated Systems since 1998. His research and teaching focus on innovation systems and the impact of new technologies on industry structure and dynamics. Dr. Dasher serves on selection and review…
What Does It Take to Build a Company?
What Does It Take to Build a Company? The world is full of people who want to get rich. At the same time, there are a lot fewer people who have actually achieved that goal. Perhaps for many on the outside looking in, it would seem logical that most of the world’s wealthiest people got…
How Important Are Relationships in Business?
How Important Are Relationships in Business? What makes a great leader? There are several answers to this question and it really depends on whom you ask. I meet with many great business leaders and while they often identify many of the same qualities of great leadership no two answers are exactly the same. It usually…