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Follow on Google News | ![]() Top 2022 IRS Dirty Dozen Tax ScamsHere is a list of the top IRS scams to watch out that you don not fall victim.
By: 89 Tax, LLC Below is a listing of the schemes that the IRS is highlighting this year. Identity Theft Scams The IRS continues to see identity thieves evolve their schemes and continue to use schemes they have used in past years. Pandemic related tax scams Criminals are still using the COVID-19 pandemic to attempt to steal people's money and identity with bogus e-mails, social media posts and unexpected phone calls. Examples include:
Suspicious Communications Criminals continue to use communications such as bogus calls, texts, emails, and posts online to either trick, surprise, or scare someone into providing sensitive personal financial information, money, or other information. This data can be used to file false tax returns and tap into financial accounts. Email Spear Phishing Spear phishing is an email scam that attempts to steal a tax professional's software preparation credentials and/or install malware. This allows the criminal access to the tax professional's computer systems to steal client data and tax preparers' identities in order to file fraudulent tax returns for refunds. Offer in Compromise (OIC) Mills Offers in Compromise mills make outlandish claims, usually in local advertising, regarding how they can settle an individual's tax debt for pennies on the dollar. OIC mills are a problem all year long, but these tax scams tend to be more visible right after the filing season is over and individuals are attempting to resolve their tax issues. Use of a Charitable Remainder Annuity Trust to Eliminate Taxable Gain These transactions involve the transferring of appreciated property to a charitable remainder annuity trust (CRAT). The taxpayer then improperly claims a step-up in basis to the fair market value as if the property had been sold to the trust. The CRAT then sells the property but does not recognize a gain due to claiming the step-up in basis for the property. Read More - https://89tax.com/ End
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