On this episode of Adam Talks, Adam Bergman, Esq. reveals the top 12 tax scams from the last year, which was recently published by the IRS.
2024 IRS Dirty Dozen Tax Scams – Episode 438
On this episode, IRA Financial’s Adam Bergman discusses the 2024 IRS Dirty Dozen Tax Scams, highlighting various schemes that individuals may use to avoid paying taxes or gain fraudulent deductions. Bergman emphasizes the importance of being cautious and avoiding these scams as the IRS is actively monitoring and cracking down on such activities. Syndicated conservation easement arrangements, captive insurance companies, and contributions to foreign retirement plans are among the fraudulent schemes mentioned.
Additionally, Bergman warns about the risks associated with investing in digital assets and offers advice on avoiding phishing and submission scams designed to steal personal information. He advises against sharing sensitive information over the phone or online and stresses the importance of verifying the legitimacy of individuals or organizations requesting such details. The potential consequences of falling victim to these scams, including identity theft and financial losses, are highlighted to raise awareness.
Furthermore, the discussion covers the Employee Retention Credit (ERC) and how some companies may be fraudulently claiming these credits despite the crackdown by the IRS. Bergman cautions against working with dubious entities promising to reduce tax burdens or negotiate with the IRS on behalf of taxpayers. The episode also touches on improper fuel tax credit claims, fake charities, and unscrupulous tax preparers who may provide inaccurate advice or engage in fraudulent activities.
Bergman addresses the proliferation of fake charities, offers insights on Charitable Remainder Annuity Trusts (CRATs), and warns high-income earners of inflated donation deductions and aggressive tax strategies. He advises against seeking tax advice from unqualified sources on social media platforms and emphasizes the importance of consulting licensed professionals like CPAs or tax lawyers. The dangers of spear phishing, cyber-criminals impersonating legitimate entities, and the potential risks of sharing personal information online are underscored to educate listeners on safeguarding their financial well-being.
Overall, the episode serves as a comprehensive guide to understanding and avoiding common tax scams and fraudulent practices that individuals may encounter. By shedding light on these deceptive tactics, Bergman aims to empower listeners to make informed decisions, protect their financial interests, and steer clear of illegal tax schemes. The importance of due diligence, skepticism towards unsolicited offers or advice, and the need to verify information before taking action are key takeaways from the discussion. Bergman concludes by encouraging individuals to stay vigilant, educate themselves on tax regulations, and seek professional assistance when dealing with complex tax matters. If you have any questions, please contact us at any time.
