Everyday I get questions related to things people have heard about taxes on the radio, television or internet. Most of these are FAKE (tax) News.
Here are the top offenders:
Fake News – Radio Ads Say – We can get your income tax debt reduced! The IRS has special programs in place where you taxes can be reduced or even eliminated!
Real News – If you have a future ability to pay your taxes, even over a very long period, the odds of the IRS reducing your tax liability is extremely low. All “Tax Expert” companies advertising on the radio and television are well aware of this. They will prey on your fears and take huge retainers knowing up front, based on your information, that they will never be able to get you what is promised. They will go through the motions of attempting to get you what is called an “Offer in Compromise” which is used to reduce tax debts, but these will most often fail, and then they will get you on a payment plan, which takes less time compared to a valid Offer In Compromise. Definitely Caveat Emptor!
Fake News – The IRS will call you to collect taxes.
Real News – The IRS would never call you to collect taxes. My clients are still receiving scam IRS phone calls everyday. If you get one, hang up immediately and report the call as spam to your cellular carrier. Proviso: There has been talk of the IRS hiring collection agencies in the future that may be given permission to call taxpayers. If that happens I will update you.
Fake News – Forming an LLC or Corporation for your business can give you greater tax deductions. OR forming an LLC or Corporation for you personally will allow you to take personal expenses as direct deductions against your other income.
Real News – Your valid business expenses are deductible whether you are an unincorporated sole proprietor, as many real estate agents are for example, or if you ran your business through an LLC or Corporation. There are many scam artists giving presentations for large ticket prices espousing tax loopholes and deductions that an LLC or Corporation can take that an unincorporated individual cannot. This is a lie. They also tell people who are employees that if they form a company many of their personal expenses can be paid through a company and then reflected as losses on their personal returns. This is illegal.
If you haven’t already, please make Chris Whalen, CPA your trusted advisor for all things related to income taxes and your business.
Click here to request a consultation or ask me a question.
Please reach out to me without hesitation with any tax, business or
accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
79 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
#irs #potus #fakenews #FakeNewsMedia #FakenewsCNN #FakeNewsNetwork #ScamAlert
