Advice: Four tips to avoid being scammed or becoming an identity theft victim in a tax-related con
One way to get a lot of information on taxpayers is to go after the professionals who work with them.
But an OIC is extremely hard to get approved, a fact many people signing up for tax help through these companies are not told. Among other things, you have to provide detailed financial information to prove your economic status and you have to exhaust all other payment options. “Unfortunately, these trusts are sometimes misused to try to eliminate ordinary income and/or capital gain on the sale of property,” the IRS said.Promoters pitch bogus tax strategies — for a high fee — that attempt to show taxpayers how to game the tax system with grossly inflated tax deductions.tax breaks for property set aside for conservation. However, in unscrupulous schemes, appraisals are inflated, resulting in a higher deduction.
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