Nov. 19, 2024

IRS Top Tax Scams

IRS Top Tax Scams

Dirty dozen IRS tax scams. How to idenifty tax scams. The top scams that the IRS has identified are Ghost preparers, Tax Avoidance schemes, Art donations, Fuel Credit Claims, ERC Claims. what out for ilegal phiosing schemes as well.

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Dirty dozen IRS tax scams. How to idenifty tax scams. The top scams that the IRS has identified are Ghost preparers, Tax Avoidance schemes, Art donations, Fuel Credit Claims, ERC Claims. what out for ilegal phiosing schemes as well.

Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Tax Talk 4 U is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicit or implies shall be extended to W four

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CY Radio or it's employees are affiliates. Any questions or

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comments should be directed to those show hosts. Thank you

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for choosing W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. With over

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thirty years of experience, Barry will break down taxes, bookkeeping,

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tax planning, and tax relief for individuals and businesses just

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like you. So let's have some tax talk for you

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with your hosts.

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Barry G. Foul Hey, welcome, good morning. That's another great day.

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We had a great weekend out at the Filer family ranch. Yes,

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we do run a ranch here in Texas and we

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have a lot of fun with it. People always ask me,

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you know, how busy do you stay? Well, we stay

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busy all the time. We're guiding people in taxes. We're

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helping people through tax problems. We're doing bookkeeping and taxes

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and tax planning right now for truckers and other businesses

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that we deal with. And so it makes a great

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busy week for us, and also busy weekends. And you know,

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this weekend we got to go out and pick up

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a couple of piglets that we're going to be raising

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and and putting into the freezer at some point. But

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you know, when we come here together today to talk

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about taxes, we talk about, you know, your tax problems,

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how to save money on taxes, what the tax code means,

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how to use it to your advantage. Today we talk

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about what the IRS calls they're Dirty dozen of tax schemes.

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It's the list of top twelve. We're going to go

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through as many of those as we can. But you know,

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it's sometimes it's just the everyday activities that you and

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I go through, you know, such as you know, reading email,

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answering a phone call, and it could put you at

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a very big risk of a tax scam. You know,

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identity theft, phone scams in tax return prepare fraud. You know,

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just few of the ways that you could be affected,

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and you know, we want to make you aware of it.

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We want to keep you knowing the different scams that

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are out there. And these are like some of the

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top ones that go out there. And one of the

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big ones that we see is scammers talking about how

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to save money on taxes. And you see these tax

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avoidance schemes you know, on Facebook and other social media

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out there, and just because it's there, it doesn't make

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it right. You know, just what you see on TikTok

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or what you see on you know, Facebook doesn't make

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it a correct solution for you to save money on taxes.

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What it does is sometimes it opens the door for

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major problems. Illegal schemes, people taking money from you to say, hey,

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invest in this because it's going to give you these

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ride offs, and what it's really going to do is

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they're going to steal your money or take your money.

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You know, these twelve scams or schemes as you might

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want to call it, you know, it's putting you at risk,

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putting your money at risk, putting your livelihood at risk,

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putting your data at risk, and you know some of

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them are are not you know, legal in any way,

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shape or form, so bogus tax avoidance strategies, you know,

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including something like a conservative conservation easement where they're saying, hey,

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we can put a conservation restriction on your land or

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your property and you'll be able to get a huge

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rite off as a charitable contribution or deduction. You know,

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I r S looks at these things when they when

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they see them, and then you know you may be

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in a very abuse arrangement. And now the IRS says, no,

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this is fraud and you end up paying the penalty

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at paying the price. They're not going to pay the price.

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You're going to pay the price. So you really need to,

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you know, watch out for things like that that become,

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you know issues for you and can become issues. And

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also put it to where you've committed fraud on your

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tax return and now you're not just talking penalties for

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underpayment of taxes, but you're also including the fraud penalty

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on there as well, which becomes even more cost prohibitive

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for you. Some of the other tax schemes that you know,

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we look at high income you know, filers may be

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at risk ad from improper art donations or charitable remainder

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annuity trust and monetized sales agreement. You know, if you're

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giving art or maybe your vehicle or something away to charity,

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you've got to make sure you're doing it right and

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doing it to a charity that is a reputable charity.

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Some of these promoters are going to encourage you to

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buy various types of art at a discounted price. May

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include additional services to a promoter, or storage or shipping,

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arranging the appraisal and the donation of the art. Promoter

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then is going to promise to you that the art

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is worth significantly more than the purchase price. These are

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schemes that are designed just to encourage you to purchase

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the art at a very high cost and donated and

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you get the deduction of the inflated market value, which

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is going to be substantially more than what you paid

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for it. You know, this is going to become a problem.

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You know, just because they're going through and promoting this,

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it does not make this right for you. You know,

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the IRS has its own team of professionally trained appraisers

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in art and provide assistance and advice to taxpayers on

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evaluation questions and connection with personal property and works of art,

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so you can reach out to the i R s

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and talk to them about the appraisals of that are.

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You know, creativity in our it's a great thing, but

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aggressive use of art donation deductions can really be a

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bad thing for you and it's going to, you know,

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put you in a very bad light or get you

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some major problems out there. These charitable remainder trusts are

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irrevocable trusts that lets you donate assets to a charity

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and draw annual income for the life for a specific

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period of time. IRS will look at these charitable remainder

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trust I'm sure you're correctly reporting trust income and distributions

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to beneficiaries. You've got to file their correct tax documents

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and follow certain laws and rules for the charitable remainder trust. Unfortunately,

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these trusts can be misused to eliminate capital gains. What

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they basically do, they take appreciated property that is transferred

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to the charitable remainder trust and the taxpayer you're going

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to incorrectly the transfer of the appreciated assets to the

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charitable remainder trust, which gives those assets a stepped up

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basis to fair market value as if they'd been sold

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to the trust. Then the Charitable Remainder Trust sells the

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property but does not recognize the gain due to the

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claim stepped up basis. The beneficiary year then going to

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report as income only a small portion of the annuity

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received from the gains. Through misapplication of these laws, the

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Charitable Remainder trusts, the beneficiary treats the remaining payments as

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excluded portion representing return on investment, which for which no

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taxes due. You can see it's going to create some

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inaccurate results and misapplying the rules and going to put

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you into some major problems with the Charitable Remainder Trust.

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I want to be absolutely aware of those things when

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you're looking at ways to save money on taxes, that

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chair of armin your trusts are usually used by the wealthy,

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and you usually have an attorney working with you, and

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hopefully it's an attorney that you know or have used

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for years that can help you put this together and

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help you save money on taxes. But doing it is

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the correct way, so you know, make sure you're dotting

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your eyes, you're crossing your t's, and you're working with

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reputable people in the tax business and have a good reputation.

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And if it's not somebody you've known and worked with

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for on your taxes, make sure it comes from somebody

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that is reputable and is referred to you. We tell

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you to watch out what you find online, what you

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find through Facebook or other social media platforms out there,

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because you never know what you're going to run into.

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Now some of the things that you know we talk

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about in trying to save you money and recognizing schemes

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and scams. In the next segment, what we're going to

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do is start out talking about tax scam you know,

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warning signs, just giving you some of the warning signs

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out there, and then how to also know that it's

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the I R s now. One thing, we're going to

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do something really cool here. We got these great monks here.

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If you go to tax Talk for You dot com

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and hit the subscribe and subscribe the first person, let's

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do two or three, first three people that subscribe here

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in this In this segment, we're going to send you

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out tax Talk for You mug. We love these things.

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We gave them out at the to truct A Success Show,

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and we're going to give out some more today. We've

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got a few left on hand. We'll do that you

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know as you subscribe. But right after the break again

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we're going to talk about you know, warning size, how

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do we know that it's the IRS? And we'll be

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right back after this.

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We have only scratched the surface of today's show. Please

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stand by as Barry G. Fowler will be right back

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with tax talk for you. If you owe the IRS

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or are going through an IRS audit, don't go at

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it alone. Called Taxation Solutions Tax Relief at eight eight

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and levees. Whether you're an individual or business, you need

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a solution and a strong aggressive tax resolution. Don't let

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the IRS walk go over you Stop the IRS now

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call eight eight eight nine three zero one zero one

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six or go to Taxation Solutions dot net now for

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a free no obligation consultation. Let's get back to tax

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talk for you with more tax talk once again, here's

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your host, Barry G. Foller.

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Hey, welcome back. Hey. First of all, I want to say, hey, Joey,

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you were quick getting in and subscribing tax talk for

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you going to get one of these nice little mugs

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that sent out to you here shortly, we'll make sure

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we got your address and get it out. If you

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haven't subscribed yet, get in subscribe. We'll do some drawings

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on some other people that get them, but we're ad

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that the first three are definitely getting them, and then

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we'll keep getting more out from there. But we're talking

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about tax scams, and you know one how do you

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know it's the I R S? When you're starting to

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deal with somebody and you know, one of the things

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is sometimes people call you identifying themselves and say they're

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I R S and you don't really understand what they're saying.

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They don't necessarily say internal revenue service, they say something

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some other abbreviation internal revenue you know whatever. But things

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to watch out for. It is it going to give

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you a big pay day? You know, if it sounds

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too good to be true, it probably is. If it,

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you know, talks like a duck, quacks like a duck,

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you know, walks like a duck. It's a duck. Okay,

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all you got to say about it. So that bad

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advice you may be getting you know from somebody. If

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it sounds too good to be true, it probably is

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too good to be true. Make demands or threats, you know,

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impersonators want you to pay now or else. They even

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threaten arrest or deportation, or you know, hey, the police

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are on their way. And if you don't go down

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to the local store and get them a you know

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iTunes card or whatever it may be to pay them,

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the I r S isn't going to do that. You know,

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the I r S is going to send you to

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I r S dot gov slash payments, make a payment

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or set you up on a payment plan, but they're

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not going to do that. And if you're not sure,

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pick up the phone. Hang up the phone, and then

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pick it up and call the I r S back.

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That's one of the simplest ways of making sure that

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whoever you're dealing with is from the I r S.

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It's just to hang up the phone and then call

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the I r S directly and deal with that there. Now.

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If you don't owe the I r S money, hang

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up because you know it's this cam anyway, or they

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send you to a website links in they're misspelled or

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they're odd they're going to take you to a malicious

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site instead of I r S dot gov. And these

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perse rangers aren't going to let you question or peel

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the amount you tax. You O, you do have taxpayer

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rights when dealing with the I R S. So how

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do you know it's the i r S. Besides hanging

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to the phone and picking up and calling the I

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R S back directly. You know, the i R S

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isn't going to email you unless it's with your permission. Mail.

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The I R S does send mail, and you gotta

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watch out. There's solicitations that come out that look very

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close to the I R S. And you know there's

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people in the industry of tax relief that send these

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things out and it's maybe let us a note letter

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of notice for I R S leans or levees, and

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you know it should say advertisement on it. It should

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say that this is not from the I R S

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and this is a solicitation. But you will know that

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when it does come directly from the I R S.

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But some of these people are very good at what

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they do, and they do run these letters with asking

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you to call for tax relief. But others will send

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them out asking saying Hey, look, you owe and it's

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a scam. So you just got to be very careful

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social media. You can follow I r S dot gov

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and you know, the I r S isn't going to

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you know, come to you through social media for collections.

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They just don't do that. So you can talk to

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us here as your go to pick up the phone

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and call and said eight eight eight nine three zero

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one zero one six, and you know we can talk

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about it. You know, do you have an ir S issue?

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Do you have I r S problems? And you know

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we can be the go between if you do have

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a tax problem between us and the I r S

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and help put a solution together. In place text messages. Again,

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the I r S only texts you with permission. Now,

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you know they do use id me and stuff like

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that when you're logging into the I r S. But

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you've got to sign up for the service and go

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through and do it. I have not had an I

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r S agent ever text me on our phones or

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the cell phones. They may facts, they may use our

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secure mailbox through I r S, but they're not going

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to there have not been to the place where they

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can text me or have text me website they've got

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to remember it. If you're dealing with the I r S.

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The official website is i r S dot go of

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phone calls. You know, typically the i r S doesn't call. Now,

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if you're working with a revenue officer working through a

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revenue agent on an audit, you know they may may

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be calling you, but you've already had communications with them.

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You know, they do have collection companies that work for

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the I r S and do it. But again, if

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you don't think you have a tax debt, pick up

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the phone and call the I r S directly. Even

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if you do pick up the phone and call the

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I r S directly if you want to deal with

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that way, But if you have a tax problem, pick

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up the phone and call Taxation Solutions Tax Relief and

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get somebody that steps in your shoes and you can

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work on this problem. In between, you don't have to

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deal with the I r S. And that's the beauty

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of using a company like Taxation Solutions Tax Relief is

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you don't have to deal with the I r S. Faxes.

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You know, I r S we'll send faxes out to

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verify employment or request reported income or withholdings. But again

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they're going to be in communication with you and take

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a look at what is you know sending it out there.

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In person visits, Yes, the IRS does in person visits,

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but again they're going to notify you by mail first

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before they're going to visit your home or your business.

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And usually it is a very critical situation before the

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IRS is going to come out and visit you at

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your business or at your home, meaning you've pretty much

305
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ignored them, or you've been in communication and you've ignored

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getting information out to them and they've requested it. Maybe

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they've now come to the point of subpoena in it

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and you've not followed through on any of your commitments.

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So you know, the IRS will say that out to

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make sure that hey, we've got your attention and we'll

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show up at your place of business. How the beautiful

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part is if you have a higher taxation solutions tax relief,

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00:21:13.000 --> 00:21:15.079
somebody shows up at your door, you hand them our

314
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business card and said, hey, you just hired us, and

315
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these guys please call them first, and then they get

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on the phone with us and we get them to

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go away and we start taking care of business for you.

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Where we stop that before it gets to that point

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so that you don't have to deal with the I

320
00:21:34.400 --> 00:21:39.799
R S and we can on your behalf. Now I'm

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talking about you know, the dirty doesen't you know? We

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talk about a lot of different things that happens within

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the industry, and you know, we talk about how the

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IRS deals with social media, and social media is not

325
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always your friend. You know, Yeah, you've got friends on there,

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but you see all these ads. Now, if your social

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media is kind of like my social media, I seem

328
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to get ads all the time. How ours might be

329
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farming or anti ads on selling cattle or selling pigs

330
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or chickens or you know, we get into a lot

331
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of people pushing for tax things, and you know, we

332
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see it all the time, you know on social media,

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00:22:37.480 --> 00:22:46.359
the earned income credits or the RC which they're promoting

334
00:22:47.039 --> 00:22:51.920
their services to get you a ton of money back. Now,

335
00:22:52.000 --> 00:22:55.079
we've had these people come out and say, hey, you know,

336
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with the COVID credits and employer credits that are out there,

337
00:23:00.440 --> 00:23:04.119
we can get those for you. A matter of fact,

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they've reached out to my company and said, yes, you

339
00:23:07.240 --> 00:23:11.720
guys is qualified. Well, I know I don't qualify. I've

340
00:23:11.759 --> 00:23:14.920
run the numbers on it, and if you've got a

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tax prepairer, or you've got a bookkeeping company and they

342
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do your taxes, have them run the numbers. They should

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be able to tell whether you can apply for that

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ERC out there for the Employer Retention Credit, and you

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may not qualify. We've seen it happen for many of

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the companies that you know we've dealt with, because they

347
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think they can qualify and get as much money as possible.

348
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They pray on the fact that you need money and

349
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you're going to get it. Doesn't make it right, doesn't

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make it true. And guess who's at fault. We're gonna

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tell you who's at fall shortly right after this break,

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we have.

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Only scratched the surface of today's show. Please stand by

354
00:24:11.799 --> 00:24:15.160
as Barry G. Fowler will be right back with tax

355
00:24:15.240 --> 00:24:21.319
talk for you. As an owner operator, you already spend

356
00:24:21.319 --> 00:24:24.880
too much time away from your family. Trucker Tax Tools

357
00:24:24.920 --> 00:24:28.200
handles all your bookkeeping and taxes. No matter what level

358
00:24:28.240 --> 00:24:31.000
trucker you are. Life on the road can be taxing,

359
00:24:31.480 --> 00:24:34.440
but that doesn't mean that your wallet or time with

360
00:24:34.519 --> 00:24:38.440
your family should suffer. Trucker Tax Tools makes your life

361
00:24:38.559 --> 00:24:42.240
run smoothly. Go to Trucker Tex tools dot Com. For

362
00:24:42.359 --> 00:24:45.319
a free guide that will give you the tools to

363
00:24:45.720 --> 00:24:49.720
never worry about your taxes again. Call Trucker Tax Tools

364
00:24:49.839 --> 00:24:54.200
eight seven seven nine sixty six two four seven seven

365
00:24:54.480 --> 00:24:57.599
or go to Trucker tax tools dot com now and

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00:24:57.759 --> 00:25:03.319
let the experts keep you trucking Park lind Seat. Let's

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00:25:03.400 --> 00:25:06.359
get back to Tax Talk for You with more tax

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Talk once again. Here's your host, Barry G.

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Fower.

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Hey, welcome back. You know, I want to say thanks

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00:25:17.000 --> 00:25:22.519
to George and Mary, both subscribed at truck Tax Talk

372
00:25:22.720 --> 00:25:29.079
for You. We also have Brand out there. He's one

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of our trucking friends. He's out there in North Carolina,

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00:25:34.119 --> 00:25:37.680
he said, and running this truck. Hey, thanks for what

375
00:25:37.799 --> 00:25:40.720
you do and being out there. I also understand that

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00:25:40.759 --> 00:25:43.920
it's you're a veteran, so you know, thank you for

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00:25:44.319 --> 00:25:49.759
your service here to our great country. We were talking

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00:25:49.880 --> 00:25:54.119
right before the break. Who's responsible. Yeah, you saw that

379
00:25:54.640 --> 00:25:59.039
great ad for the employee retention credits out there, and

380
00:25:59.359 --> 00:26:03.079
you hired them, you paid them. They're twenty five or

381
00:26:03.160 --> 00:26:06.400
thirty percent of what you're getting back from the IRS,

382
00:26:07.240 --> 00:26:10.559
and you're really happy because you got, you know, fifty

383
00:26:10.640 --> 00:26:14.200
sixty thousand dollars back from the IRS based on this

384
00:26:14.640 --> 00:26:20.160
erc and you paid them. You know they're you know,

385
00:26:20.279 --> 00:26:24.160
twenty thousand or so that you know they were owed.

386
00:26:25.200 --> 00:26:30.240
And now you're a couple of years since you've done it,

387
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and the IRS is coming back and saying, hey, you

388
00:26:35.640 --> 00:26:42.440
didn't qualify. Who's responsible? Guess what that engagement letter you sign,

389
00:26:42.960 --> 00:26:49.400
they had no responsibility whatsoever if they were wrong none.

390
00:26:50.599 --> 00:26:52.799
Did you read what you sign? Hey, it's the truck

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00:26:52.880 --> 00:26:55.240
to success. Though we talk all the time to truckers

392
00:26:55.279 --> 00:27:00.960
getting out as an owner operator being in business for yourself,

393
00:27:01.039 --> 00:27:05.880
whether you're self employed, you know, running a business, you

394
00:27:05.960 --> 00:27:08.920
should be reading everything you sign. You should be reading

395
00:27:09.240 --> 00:27:13.640
every agreement that you sign, including your engagement letters. When

396
00:27:13.680 --> 00:27:18.079
you hire a tax professional, so do something. Whether it's

397
00:27:18.079 --> 00:27:21.039
you're as simple as your taxes or as complicated as

398
00:27:22.039 --> 00:27:27.160
the employer employee retention credit, you know you've got to

399
00:27:27.200 --> 00:27:29.720
read that because at the end of the day, you're responsible.

400
00:27:30.599 --> 00:27:33.319
Even when you sign your taxes, you sign and take

401
00:27:33.440 --> 00:27:39.400
responsibility for those taxes. And at the end of the day,

402
00:27:39.440 --> 00:27:43.119
when the IRS comes back and audit's you, they're holding

403
00:27:43.240 --> 00:27:51.039
you responsible for the fraud that they hope you commit. See,

404
00:27:51.079 --> 00:27:53.680
they don't necessarily go in and do all the analysis

405
00:27:53.720 --> 00:27:56.000
that needs to be done to see if you qualify it,

406
00:27:56.079 --> 00:27:58.440
because they tell you, hey, you signed here and said

407
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you were qualified. So you've seen it through a few

408
00:28:02.200 --> 00:28:04.160
of our clients who came to us and asked us

409
00:28:04.200 --> 00:28:05.880
to do it. I said, you don't qualify it. They said,

410
00:28:05.920 --> 00:28:10.039
this company says I do, well, don't do it. And

411
00:28:10.119 --> 00:28:13.160
they did it anyway, And the IRS has come back

412
00:28:13.200 --> 00:28:19.640
and held them one hundred percent responsible and liable for

413
00:28:19.799 --> 00:28:24.519
what they signed with the IRS, and now they owe

414
00:28:24.519 --> 00:28:28.359
the money back. They don't get to get the money

415
00:28:28.440 --> 00:28:31.000
back from the company that they use. Matter of fact,

416
00:28:31.000 --> 00:28:34.079
they can't even find the company that they used because

417
00:28:34.119 --> 00:28:35.920
some of them have gone out of business. They have

418
00:28:36.759 --> 00:28:39.920
done what they needed to do to get the money

419
00:28:39.960 --> 00:28:45.960
from you, got rich quick and got out. See those

420
00:28:46.000 --> 00:28:49.759
things happen sometimes if it sounds too good to be true,

421
00:28:50.079 --> 00:28:54.920
it is. Talk to somebody. Have them show you. If

422
00:28:54.960 --> 00:28:57.920
you hire a company like that, have them show you

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00:28:58.240 --> 00:29:07.720
how you qualify. Speaking of dirty dozen, IRS urges taxpayers

424
00:29:07.880 --> 00:29:15.039
not to fall prey to unworthy, untrustworthy, sorry, untrustworthy tax

425
00:29:15.160 --> 00:29:19.960
preparers or ghost preparers that can disappear with your cash

426
00:29:20.119 --> 00:29:24.359
and your information know who you're dealing with. See, we

427
00:29:24.519 --> 00:29:28.440
have a great reputation not only a taxation solutions, tax

428
00:29:28.519 --> 00:29:32.640
relief and dealing with tax relief. We are a plus

429
00:29:32.759 --> 00:29:37.440
rated at the BBB, but our sister company, Trucker Tax Tools,

430
00:29:38.240 --> 00:29:42.079
who deals with truckers all across the country. We come

431
00:29:42.119 --> 00:29:44.440
out to the truck shows, we identify who we are.

432
00:29:44.599 --> 00:29:49.440
We are great members of IDA, which is Owner Operators

433
00:29:49.519 --> 00:29:53.240
Independent Drivers Association. I speak at the Truck to Success

434
00:29:53.559 --> 00:29:56.799
Seminar to truckers of wanting to come out from BMW

435
00:29:57.000 --> 00:30:00.880
two drivers to being owner operators or maybe operators want

436
00:30:00.880 --> 00:30:03.200
to take the next step get their own authority and

437
00:30:04.200 --> 00:30:08.240
grow in the trucking business and have multiple trucks. And

438
00:30:08.559 --> 00:30:10.119
we get a chance to go out there and talk

439
00:30:10.200 --> 00:30:14.160
to people that are into an industry and learn all

440
00:30:14.200 --> 00:30:19.960
about there, so we can be very trusted to help

441
00:30:21.160 --> 00:30:23.599
you out there. But there are a lot of people

442
00:30:24.440 --> 00:30:27.799
that you just see that you show up and say, hey,

443
00:30:27.880 --> 00:30:32.039
we're going to save you money. Hey, you take advantage

444
00:30:32.079 --> 00:30:34.519
of these credits or these benefits which you may not

445
00:30:34.759 --> 00:30:38.359
qualify for. As we were talking about the employee retention

446
00:30:39.039 --> 00:30:45.160
credits out there. You have unethical tax prepayers out there

447
00:30:45.240 --> 00:30:50.759
that probably don't have the accreditation and the certification is

448
00:30:51.039 --> 00:30:54.759
I have as being an enrolled agent or a CPA

449
00:30:55.240 --> 00:30:59.799
or a tax attorney. They're very shady and what they do,

450
00:31:00.000 --> 00:31:06.640
you know, they're going to guarantee you that you're gonna

451
00:31:06.640 --> 00:31:09.119
get money back. Or maybe it's twenty of your neighbors

452
00:31:09.160 --> 00:31:12.160
that's using somebody that hey, every year, man, I get

453
00:31:12.200 --> 00:31:15.920
thousands of dollars back in their W two employees and

454
00:31:16.960 --> 00:31:19.160
you know, maybe they are withheld them, so maybe it's right.

455
00:31:20.599 --> 00:31:23.119
But now all of a sudden they have on their

456
00:31:23.759 --> 00:31:26.039
tax return. And people don't tell you everything on the

457
00:31:26.119 --> 00:31:28.759
tax return, but we've seen this where they show up

458
00:31:28.799 --> 00:31:31.279
with the business that they've never owned or never operated

459
00:31:31.400 --> 00:31:36.519
and it shows losses or maybe their refunds are going

460
00:31:36.680 --> 00:31:43.640
to the wrong you know, bank account, or they're putting

461
00:31:43.680 --> 00:31:46.200
in false income so that they get more money back

462
00:31:46.400 --> 00:31:50.799
from the earned income credit that maybe there's not enough

463
00:31:50.880 --> 00:31:53.079
money earned that your into income credit is low, and

464
00:31:53.119 --> 00:31:54.960
they give you a business that makes a little bit

465
00:31:54.960 --> 00:31:59.519
of money and you get bigger reward back. You need

466
00:31:59.599 --> 00:32:01.279
to be able to check your return. You need to

467
00:32:01.319 --> 00:32:04.680
be able to look at your return. You know, sometimes

468
00:32:04.759 --> 00:32:07.359
we get in trouble here with people that we prepare

469
00:32:07.440 --> 00:32:11.759
returns for because we have you review your return. We

470
00:32:12.000 --> 00:32:14.400
want you to check your return to make sure that

471
00:32:14.599 --> 00:32:18.839
one we've got everything. See, you know everything that happens

472
00:32:18.880 --> 00:32:21.720
in your life. You should know if you've got investment accounts,

473
00:32:21.799 --> 00:32:24.960
you should know where else you have money coming from.

474
00:32:27.319 --> 00:32:29.519
We ask you to fill out an organizer. We ask

475
00:32:29.599 --> 00:32:35.079
you for information, We verify, We do due diligence. Sometimes

476
00:32:35.119 --> 00:32:38.640
we go overboard because we get held responsible sometimes for

477
00:32:38.839 --> 00:32:43.119
due diligence and earned income credit for claiming your children.

478
00:32:43.359 --> 00:32:46.880
We ask some of the stupidest questions because the IRS

479
00:32:46.960 --> 00:32:51.079
required us to. People have asked us, hey, can I

480
00:32:51.160 --> 00:32:55.079
claim my dog as a dependent? I always laugh at

481
00:32:55.079 --> 00:32:56.839
you and get a solid security number for it. Maybe

482
00:32:56.920 --> 00:32:59.519
we can. You're not going to get a solid security

483
00:32:59.599 --> 00:33:01.599
number four. But maybe if you're a trucker it's a

484
00:33:01.640 --> 00:33:07.480
security dog. Well it's not a dependent now it is

485
00:33:07.640 --> 00:33:12.079
an expense for the business. See, there's multiple things we've

486
00:33:12.079 --> 00:33:17.759
got to look at and do. But it's not right

487
00:33:17.839 --> 00:33:22.039
for everybody's everybody's business out there. You know, your your

488
00:33:22.119 --> 00:33:26.200
little multipood that is just gonna squeak when they bark,

489
00:33:26.640 --> 00:33:28.559
you know, may not be the security dog that you

490
00:33:28.640 --> 00:33:32.759
think it is, but we've got to look at, you know,

491
00:33:32.920 --> 00:33:39.680
the different options out there, So just randomly getting the

492
00:33:40.279 --> 00:33:45.039
credits or having somebody manipulate your tax return so you

493
00:33:45.279 --> 00:33:49.319
qualify for the earned income CHAT credits or the child

494
00:33:49.480 --> 00:33:57.240
tax credits, or maybe dependent credit of claiming a parent

495
00:33:58.039 --> 00:34:00.480
that you might be helping take care of, but maybe

496
00:34:00.519 --> 00:34:02.759
they have enough money coming in that they provide their

497
00:34:02.799 --> 00:34:08.079
own support, so you don't really qualify for that. We've

498
00:34:08.159 --> 00:34:10.960
got to look at, you know, all the different ways

499
00:34:11.239 --> 00:34:16.519
that you know, this is going to take a look

500
00:34:16.599 --> 00:34:24.880
at how tax prepayers manipulate your taxes to get you

501
00:34:25.360 --> 00:34:31.000
the refund that they are promising out there, and you

502
00:34:31.079 --> 00:34:37.960
don't necessarily want to be claiming those things, you know

503
00:34:38.079 --> 00:34:42.079
where they're at. You know. One thing the i r

504
00:34:42.199 --> 00:34:46.760
S also warns about is fake charities or thinking because

505
00:34:46.800 --> 00:34:49.280
you gave money to an individual to help them out

506
00:34:49.480 --> 00:34:53.760
because they were going through surgery or needed help, just

507
00:34:53.880 --> 00:34:58.880
because it's compassionate doesn't make it a charity. Yes, it

508
00:34:59.079 --> 00:35:04.840
was charitable of you to give the money to somebody,

509
00:35:05.599 --> 00:35:12.400
does not make it a true charity. So don't fall

510
00:35:12.599 --> 00:35:16.679
into the fact that you're giving it to somebody or

511
00:35:16.719 --> 00:35:19.760
something or fall for pressure. There are ways to make

512
00:35:19.800 --> 00:35:21.920
sure that give money go fund me is not a

513
00:35:22.039 --> 00:35:26.639
charitable contribution, but giving to your church, giving to goodwill,

514
00:35:28.320 --> 00:35:31.880
and you can go online and check it Wounded warriors.

515
00:35:32.719 --> 00:35:35.440
Some of these things are really good out there, and

516
00:35:35.639 --> 00:35:38.480
I always say, hey, make sure that you're checking the

517
00:35:38.599 --> 00:35:41.920
charity out and how much is going to administrative costs

518
00:35:42.000 --> 00:35:46.000
as opposed to going to the individuals that you are

519
00:35:46.159 --> 00:35:53.159
trying to help as well. You know, as we're talking

520
00:35:53.280 --> 00:35:56.639
through some of these dirty dozen tax schemes out there,

521
00:35:57.039 --> 00:35:59.079
there are plenty more, and we're going to keep going

522
00:35:59.199 --> 00:36:02.880
through some of the those tax schemes that the IRS

523
00:36:02.960 --> 00:36:05.480
has listened there died a dozen right after this.

524
00:36:07.880 --> 00:36:11.519
We have only scratched the surface of today's show. Please

525
00:36:11.599 --> 00:36:14.760
stand by as Barry G. Fowler will be right back

526
00:36:14.920 --> 00:36:20.679
with tax talk for you. As an owner operator, you

527
00:36:20.960 --> 00:36:24.360
already spend too much time away from your family. Stop

528
00:36:24.480 --> 00:36:28.039
spending time doing pay forwork. Go to Trucker tax toools

529
00:36:28.079 --> 00:36:32.760
dot com a solution filled specifically for truckers. Trucker tax

530
00:36:32.840 --> 00:36:39.119
tools dot com makes your life run smoothly. Let's get

531
00:36:39.239 --> 00:36:43.400
back to tax talk for you with more taxtock once again.

532
00:36:43.920 --> 00:36:45.840
Here's your host, Barry G.

533
00:36:46.079 --> 00:36:52.000
Fowler. Hey, welcome back. You know, we got to get

534
00:36:52.159 --> 00:36:54.920
some good questions coming in and some of these will

535
00:36:55.519 --> 00:36:59.320
answer through email or or give you a phone call.

536
00:37:01.079 --> 00:37:06.159
But if you go to Taxation Solutions dot net, you

537
00:37:06.280 --> 00:37:09.360
can go on there and fill out a contact form

538
00:37:10.079 --> 00:37:12.760
and send us your questions. To go to tax Talk

539
00:37:12.880 --> 00:37:17.719
for you subscribe. We'll give updates out there as well.

540
00:37:20.239 --> 00:37:26.400
Somebody was asking you about identity theft. Identity theft is

541
00:37:26.519 --> 00:37:31.079
really big, and the I R S will give you

542
00:37:31.559 --> 00:37:33.920
if you have identity theft, or even if you didn't

543
00:37:33.960 --> 00:37:37.360
have identity theft, you can actually request a PIN number,

544
00:37:40.360 --> 00:37:42.079
a number that we've got to put in on the

545
00:37:42.119 --> 00:37:44.599
tax return that identifies you, and they send you a

546
00:37:44.719 --> 00:37:50.920
new letter every year with that pin number so that

547
00:37:51.639 --> 00:37:55.400
nobody else can file a tax return with your sold

548
00:37:55.440 --> 00:37:58.760
security number on it. It's a pretty good thing to do.

549
00:38:00.239 --> 00:38:09.679
We have seen where we've had prepare thought fraud out there,

550
00:38:09.719 --> 00:38:13.320
where somebody's preparing and return and getting your refund and

551
00:38:13.400 --> 00:38:16.559
then you prepare your return or you have a prepared

552
00:38:17.280 --> 00:38:19.000
do it. They try to e file and it comes

553
00:38:19.079 --> 00:38:24.239
back that's already been filed We have seen that fraud

554
00:38:24.360 --> 00:38:29.920
go out over the years where you know, people are

555
00:38:29.960 --> 00:38:33.920
getting your social Security number and filing just to get

556
00:38:33.960 --> 00:38:38.679
the refund back as quick as possible, and the I

557
00:38:38.800 --> 00:38:44.239
R S pursues these criminals pretty aggressively if they can,

558
00:38:44.599 --> 00:38:48.880
if they can find them. Made some progress on this

559
00:38:49.760 --> 00:38:53.719
out there, but you still should be extremely cautious and

560
00:38:53.880 --> 00:38:58.639
do everything to avoid to be from being victimized. Getting

561
00:38:58.679 --> 00:39:04.079
that in number is one good way of doing it.

562
00:39:07.920 --> 00:39:10.719
Something else that the I R S has out there

563
00:39:11.239 --> 00:39:17.679
is excessive claims for business credits. Now we look when

564
00:39:17.760 --> 00:39:20.480
we prepare returns for every business credit that you could

565
00:39:20.639 --> 00:39:24.840
possibly get for your business. But a lot of times

566
00:39:24.920 --> 00:39:31.360
we see people improperly claiming the fuel tax credit. It's

567
00:39:31.400 --> 00:39:35.480
a tax benefit not generally available to most tax prepayers

568
00:39:35.719 --> 00:39:42.760
or taxpayers, and it's usually limited to off highway business use.

569
00:39:43.000 --> 00:39:46.599
You know, you know, farming for truckers that may be

570
00:39:46.760 --> 00:39:49.360
running the APU the things that are not running the

571
00:39:49.480 --> 00:39:54.280
engine of your truck. UH. Out there, we also see

572
00:39:54.400 --> 00:40:03.719
the misuse of research credits UH. Improper upper credits in

573
00:40:03.880 --> 00:40:09.360
this research is you don't substantiate or satisfy the requirements

574
00:40:09.599 --> 00:40:12.119
to do that, so you've got to check all the

575
00:40:12.239 --> 00:40:17.400
boxes when you're going through there. The other thing that

576
00:40:17.519 --> 00:40:22.320
we see is people falsely padding deductions on your returns,

577
00:40:22.360 --> 00:40:24.880
whether it's you know, it used to be people would

578
00:40:24.920 --> 00:40:28.880
do it on Schedule A in charitable contributions, but with

579
00:40:29.039 --> 00:40:34.480
this higher standard deduction, it's not there anymore. It's in

580
00:40:34.639 --> 00:40:38.599
order to get there, you've got to have higher mortgage

581
00:40:38.599 --> 00:40:43.679
interest rates, mortgage interest that you're paying, and then in

582
00:40:44.000 --> 00:40:47.559
property taxes and then charitable contributions on top of that.

583
00:40:49.159 --> 00:40:51.440
But mostly this is going to be padding on maybe

584
00:40:51.519 --> 00:40:56.280
Schedule C, where you're running a small business and you're

585
00:40:56.440 --> 00:41:00.400
adding more expenses into your business to get at those

586
00:41:01.000 --> 00:41:05.639
higher deductions and lower the net income, which then lowers

587
00:41:05.679 --> 00:41:08.440
your self deployment tax and then lowers your federal income

588
00:41:08.559 --> 00:41:18.159
tax as well. Overstating other business expenses or maybe overstating

589
00:41:19.079 --> 00:41:26.000
new equipment purchase in your business as well, can very

590
00:41:26.119 --> 00:41:29.960
much add to the expenses. Now, Schedule E rental property,

591
00:41:31.280 --> 00:41:35.960
you might be claiming added costs for improvements on your

592
00:41:35.960 --> 00:41:42.239
rental property that you didn't incur, insurance, any other expenses

593
00:41:42.280 --> 00:41:45.639
that you may be running on the rental property. And

594
00:41:45.760 --> 00:41:52.079
we've seen where people have inflated those costs to lower

595
00:41:52.119 --> 00:41:56.760
the net income from maybe your rental real estate as well.

596
00:41:58.000 --> 00:42:01.679
And as we've talked about, you know, quifying not just

597
00:42:01.800 --> 00:42:04.280
income and expenses, but you could be false. Somebody could

598
00:42:04.280 --> 00:42:09.280
be going in and falsifying a business and showing, you know,

599
00:42:09.440 --> 00:42:17.239
a loss from a business that you didn't run. Out there. Now,

600
00:42:19.199 --> 00:42:21.360
one of the things that we hear, you know, hey,

601
00:42:21.679 --> 00:42:24.440
you know, maybe I don't I shouldn't be paying paying

602
00:42:24.599 --> 00:42:28.639
tax because you know, they didn't put it in the constitution.

603
00:42:30.920 --> 00:42:36.960
The Supreme Court has validated tax laws. So using some

604
00:42:37.159 --> 00:42:41.880
frivolous tax arguments to avoid paying tax is another tax scam.

605
00:42:42.039 --> 00:42:47.920
And we hear it, you know, people promoting you know, hey,

606
00:42:48.000 --> 00:42:50.719
I can't I don't pay tax because of you know

607
00:42:50.920 --> 00:42:55.440
this or that wasn't you know, ratified. So you've got

608
00:42:55.519 --> 00:42:59.719
to watch out for those outlandish, you know claims. And

609
00:43:00.239 --> 00:43:03.000
you know, even though it's been repeatedly thrown out a court,

610
00:43:04.079 --> 00:43:10.639
people can still go out there and pursue these issues.

611
00:43:11.760 --> 00:43:13.400
And we did have a couple of questions come in.

612
00:43:13.719 --> 00:43:17.639
And I really love it when our truckers are out

613
00:43:17.679 --> 00:43:20.039
there on the road and listening to us. Again, for

614
00:43:20.199 --> 00:43:22.719
every one of the truckers you know, thanks for what

615
00:43:22.920 --> 00:43:27.159
you do. You know, without you, you know, we wouldn't

616
00:43:27.280 --> 00:43:31.760
have uh goods and goods delivered to the stores and

617
00:43:32.440 --> 00:43:35.000
uh you know, we wouldn't be able to get out

618
00:43:35.039 --> 00:43:37.039
there and buy the things that we need to do,

619
00:43:37.159 --> 00:43:41.800
whether it's food, furniture, you know, you name it. You

620
00:43:41.920 --> 00:43:44.360
guys do it. Without the farmers, we wouldn't have the

621
00:43:44.440 --> 00:43:46.360
food that we put on our table. You know, thank

622
00:43:46.400 --> 00:43:49.159
you to the farmers and ranchers that are out there

623
00:43:49.280 --> 00:43:54.199
and all that you do. I can empathize with both

624
00:43:54.239 --> 00:43:56.760
of them and the complications because we deal a lot

625
00:43:57.000 --> 00:44:01.159
with truckers and trucker tax tool in helping them through

626
00:44:01.159 --> 00:44:07.480
their bookkeeping and taxes even their payroll. And farmers and

627
00:44:07.599 --> 00:44:11.679
ranchers I do ranching as well, raise cattle and pigs

628
00:44:11.760 --> 00:44:17.679
and chickens out there, and and so been doing you know,

629
00:44:17.800 --> 00:44:21.800
farming ranch taxes for a long time as well. All

630
00:44:21.960 --> 00:44:25.639
this adds complications to your life. So you know, Hey,

631
00:44:26.960 --> 00:44:33.800
the question came in here from oh, let's see, I

632
00:44:33.840 --> 00:44:36.920
don't see a name on this, but hey, the question

633
00:44:37.119 --> 00:44:41.039
came in is if I have a dog in my truck,

634
00:44:41.760 --> 00:44:47.239
can it be a security? Yes it can, and we

635
00:44:47.400 --> 00:44:49.599
do it quite often, and we do kind of ask

636
00:44:49.719 --> 00:44:54.599
about what the purposes of the dog, and you know,

637
00:44:55.119 --> 00:44:58.960
you do need to secure your truck and your property

638
00:44:59.760 --> 00:45:03.159
and and the expenses that go along with having that

639
00:45:03.400 --> 00:45:06.880
animal on your on your truck. No, cats are not

640
00:45:07.679 --> 00:45:10.039
going to be a security animal. Maybe I guess if

641
00:45:10.039 --> 00:45:12.440
you've got a tiger, maybe that could be, but that'd

642
00:45:12.480 --> 00:45:17.559
be kind of dangerous. But you know the dogs out there, Yes,

643
00:45:17.719 --> 00:45:20.960
you can have the dog on there. Deduct the food,

644
00:45:21.119 --> 00:45:26.760
medical expenses, even the dog is deductible. We used to

645
00:45:27.519 --> 00:45:30.719
breed dogs and breeding breeding dogs. You know, you had

646
00:45:30.719 --> 00:45:35.960
a lot more deductibility out there for those those animals

647
00:45:36.280 --> 00:45:41.480
that are providing a service to you because it is

648
00:45:41.760 --> 00:45:45.840
the service dog there on the on the truck and

649
00:45:46.480 --> 00:45:50.800
providing security for you and the goods that you're you're

650
00:45:50.920 --> 00:46:00.719
transporting and stuff. Okay, here's another one from Mike per Diems.

651
00:46:02.360 --> 00:46:07.599
Per dams for truckers are really good. You know, when

652
00:46:07.800 --> 00:46:11.159
we're doing bookkeeping at Trucker tax tools dot com and

653
00:46:11.159 --> 00:46:14.000
if you're looking for bookkeeping services, go there and hit

654
00:46:14.079 --> 00:46:16.800
our contact for them and we'll reach out to you

655
00:46:16.920 --> 00:46:22.760
and we custom build our bookkeeping services around you. But

656
00:46:22.880 --> 00:46:25.519
per Diems the per diems will work like this, and

657
00:46:25.639 --> 00:46:28.320
we can have a much longer conversation about it than

658
00:46:28.360 --> 00:46:31.840
the time we have left. But basically, the irs is

659
00:46:31.920 --> 00:46:34.400
asking you to document the nights that you're on the road,

660
00:46:34.480 --> 00:46:39.199
so you, as of October first, will get eighty dollars

661
00:46:39.280 --> 00:46:42.719
per night on the road, except for the first night

662
00:46:42.920 --> 00:46:45.480
and the last night. The first night you get half,

663
00:46:45.599 --> 00:46:48.400
the last night you get half, so forty and forty,

664
00:46:49.119 --> 00:46:51.519
but all the nights in between you will get eighty

665
00:46:51.599 --> 00:46:55.239
dollars a night that you are away from home. Now,

666
00:46:55.280 --> 00:46:57.880
you've got to have a tax home. You can't just

667
00:46:57.960 --> 00:47:00.840
live in your truck and bere a roaming or as

668
00:47:00.880 --> 00:47:03.719
they would call it, attack turtle, meaning you live in

669
00:47:03.880 --> 00:47:08.119
your shell, which is the truck. And so you've you've

670
00:47:08.199 --> 00:47:11.119
got to have actual home that you incur expenses for.

671
00:47:11.719 --> 00:47:15.079
If you don't have one, rent a place so that

672
00:47:15.159 --> 00:47:18.440
you can take advantage of getting the per diem right off.

673
00:47:20.480 --> 00:47:22.920
So you would have your choice of actual or per diems.

674
00:47:23.159 --> 00:47:26.159
Most cases, per diems are much higher. I've had one

675
00:47:26.280 --> 00:47:29.440
client that claimed that they were spending well over one

676
00:47:29.519 --> 00:47:34.480
hundred dollars a day in food, which means that a

677
00:47:35.239 --> 00:47:38.119
they were either having uber delivered to their truck at

678
00:47:38.159 --> 00:47:43.920
the truck steps and ordering pretty pricey food and three

679
00:47:44.079 --> 00:47:47.159
meals a day at forty dollars a meal would be

680
00:47:47.519 --> 00:47:52.400
one hundred and twenty dollars, So claiming that deduction out there,

681
00:47:52.880 --> 00:47:55.320
you would have to prove that and make sure you

682
00:47:55.440 --> 00:47:58.280
got it. But the eighty dollars a day most of

683
00:47:58.320 --> 00:48:00.480
our truck is sometimes they cook in the for being

684
00:48:00.559 --> 00:48:04.679
their truck. Others they will grab a bite at whatever

685
00:48:04.760 --> 00:48:09.360
truck stop they're at. Not the healthiest of regimes that

686
00:48:09.920 --> 00:48:13.920
you could go through for eating, but it is one

687
00:48:13.960 --> 00:48:16.559
of the things that is available to you. And life

688
00:48:16.639 --> 00:48:20.639
on the road is not easy at times, and being

689
00:48:20.679 --> 00:48:22.840
away from family it's not easy at times. So we

690
00:48:22.960 --> 00:48:25.239
always say, you know, hey, you know, thank you for

691
00:48:25.599 --> 00:48:29.199
you know what you do. Now we're running, you know,

692
00:48:29.360 --> 00:48:33.320
towards the end here. If you've got a tax problem, hey,

693
00:48:33.440 --> 00:48:37.199
feel free reach out to us at Taxation Solutions dot net.

694
00:48:38.159 --> 00:48:41.360
We provide tax relief to you and your family. We

695
00:48:41.480 --> 00:48:46.880
take the stress out of dealing with the i r S.

696
00:48:47.199 --> 00:48:50.719
As you know, whether you're going through an audit, whether

697
00:48:50.760 --> 00:48:53.360
you owe money to the I R S, whatever the

698
00:48:53.480 --> 00:48:56.840
reason is, you reach out to this today. Let us

699
00:48:56.840 --> 00:48:59.760
step into your shoes. Let us provide the guidance to

700
00:49:00.199 --> 00:49:05.000
put a solution in place to solve your tax problem.

701
00:49:05.960 --> 00:49:09.320
So go to Taxation Solutions dot net. And if you're

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a trucking industry you're an owner operator out there, go

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to Trucker tax Tools dot com. Let us help your

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life run smoothly. Let us save you money. Let us

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put the bookkeeping at taxes in place for you. But

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make sure you subscribe at tax Talk for you dot

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com and join us every Monday at ten am Eastern time.

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Look forward to talking with you next week. I'm Barry

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Fill Truck tax Tools, tax TALKFORU dot com. Thank you.

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00:49:40.119 --> 00:49:43.239
Are you an individual or business that wants to understand

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taxes and how they affect you? Are you looking for

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specific tax advice for self employed business owners and truckers.

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Are you behind on taxes and your bookkeeping? Are you

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dealing with dirs and ready to have some relief? Then

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you need Tax Talk for You, hosted by tax and

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shrucker expert Barry G. Fowler EA Kenyon, ten am Eastern

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time every Monday right here on W four CY Radio

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and Talk for TV. Don't forget to check this and

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past episodes at tax TALKFORU dot com. See you next

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00:50:21.840 --> 00:50:24.519
week at W four cy dot com.