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.”
Will Your Tax Refund Be Delayed?
It’s only January, but because the calendar has turned to 2015, that means the tax season is officially here. While most people don’t file their taxes in January, there are a few early birds who go after the first worms of the year, so-to-speak. Although it’s often a good idea to make sure the IRS,…
Are You Looking To Invest for Growth?
What kind of investor are you? There are many types of investment strategies and each person will follow the strategy that best fits his or her plan. At GROCO, we can help all kinds of investors, including those who are investing for growth. When it comes to long-term growth, the total return on your investment…
Not Living on the Earth? You Still Have to Pay Your Taxes on Time
You gotta hand it to the IRS for being thorough. They’ll leave no stone unturned in an effort to make sure that every taxpayer files their return. That’s even true of very big stones, otherwise known as asteroids. In other words, even if an astronaut wanted to hide behind an asteroid or a moon rock,…
With Gas Prices Down, Could Gas Taxes Be Going Up?
Rich or poor, young or old, no one likes high gas prices – with the possible exception of oil and gas companies. In any case, the recent drop in gas prices around the country has no doubt brought some relief to just about everyone in America, including big corporations that own large fleets of vehicles.…