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Ask The California Employment Tax And Payroll Tax Attorney – The IRS’ Dirty Dozen Tax Scams – Protect Yourself

By Robert S. Schriebman

2022

Introduction

Every year the IRS publishes its “Dirty Dozen” tax scams.  These tax scams have traditionally been abusive tax shelters and offshore schemes that are guaranteed to get you audited.  This year the IRS has identified four abusive transactions involving the following:

  • Involve charitable remainder annuity trusts
  • Maltese individual retirement arrangements
  • Foreign captive insurance
  • Monetized installment sales

I do not pretend to know the ins-and-outs of these transactions.

In IR-2022-113, the IRS strongly advises anyone contemplating going into any of these deals to first seek the advice of honest and competent tax counsel.  Make no mistake, the IRS is going to audit each and ever one of these “deals” and will assess accuracy-related penalties together with daily compounding interest.

The IRS has created The Office of Promoter Investigations (OPI) to monitor these and other schemes that will be publicized by the IRS in the coming weeks.  The IRS has a variety of means to find potentially abusive transactions including tradition audits, investigations of promoters and data analytics.

The Press Release was short, but the message was loud and clear:  do your homework and get honest competent advice before investing.

Speaking for myself, I have always asked the same couple of questions whenever confronted by deals that seemed too good to be true.  Be honest with yourself and ask why someone would signal you out for these types of investments.   Then do your homework – if the deal sounds too good to be true, then it is not.  Run the other way!

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Robert Schriebman has a successful practice in the Rolling Hills Estates area of Los Angeles County serving clients throughout California and the United States. He has successfully dedicated more than 50 years to helping individual taxpayers, business owners, CPAs, Enrolled Agents, and tax attorneys navigate the complicated tax systems of the federal and state governments.  Mr. Schriebman is in private practice.  He is not affiliated in any way with the EDD and he is not employed by the EDD or any other agency of the State of California.

Robert Schriebman has written the only 2 books ever published dealing with how California Employment Development Department (EDD) operates. See “California Tax Collection Practice and Procedures” and “California Taxation Practice and Procedure,” both published by Commerce Clearing House.

Robert Schriebman has written over 20 books including the major manual used nationally by practitioners and the IRS, “IRS Tax Collection Procedures – A Manual for Practitioners” published by Commerce Clearing House.

Robert Schriebman has written over 20 books including the major manual used nationally by practitioners and the IRS, “IRS Tax Collection Procedures – A Manual for Practitioners” published by Commerce Clearing House in addition to the only 2 books ever published dealing with how California Employment Development Department (EDD) operates. See “California Tax Collection Practice and Procedures” and “California Taxation Practice and Procedure,” both published by Commerce Clearing House.

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