Weekly Tax News Round Up: IRS Cracks Down on Tax Fraud and Scrutinizing Offshore Accounts
Happy Friday everyone, time for another tax news round up for the week!
The big tax news story of the week is the IRS crackdown on tax fraud. So scammers be warned, think you can steal from the IRS by filing false tax returns and identify theft? Think again:
IRS cracks down on fraud as tax return season begins
105 people were charged this week with fraud and identity theft for filing false returns (in an attempt to obtain refunds). To kick off the tax season, the feds are conducting an extensive sweep to find and stop tax scammers and identify theft.
In other tax news, the IRS shakedown on overseas bank accounts continues. The IRS won an agreement several years ago that has given them an unprecedented amount of information on account holders at Swiss bank UBS. As the latest IRS crackdown on the use of offshore bank accounts proves, no one is safe from the wrath of the IRS – who is more determined than ever to investigate high-net-worth individuals, both at home and overseas.
Three UBS Clients Accused of Hiding Offshore Money From IRS
Three ex-UBS AG clients were indicted on charges of hiding millions of dollars in assets from U.S. tax authorities through the use of secret offshore accounts.
Feds indict Swiss bank Wegelin claiming it helped US taxpayers cheat IRS out of $1.2 billion
In the war on tax cheats, Switzerland’s oldest private bank has been indicted by The U.S. Justice Department.
Now that we are in tax filing season, beware of these “audit flags” (we call them red flags) on your tax returns!
12 IRS audit flags for 2012
“You may be one of the unlucky two percent of taxpayers who are subjected to random audits, but most IRS inquiries arise for specific reasons. Here are the 12 audit flags for 2012. Remember, many of these are legitimate — just make sure that you have all supporting documentation in case the IRS calls.”
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Tags: Audits, tax cheats, tax news, USB
