Continuing its annual “Dirty Dozen” campaign, the IRS warns taxpayers of “potentially abusive” tax arrangements. In these scams, legitimate tax planning tools such as Charitable Remainder Annuity Trusts (CRATs) and monetized installment sales are misused by shady promoters who misapply the rules and leave taxpayers vulnerable. CRATs must correctly report all transactions and file all required tax documents. Monetized installment sales must properly recognize the gain on sales of appreciated property. IRS Commissioner Danny Werfel warns taxpayers to only “seek out trusted, reputable tax advice and not be fooled by aggressive advertising and sales pitches.” Here’s more. Questions? Reach to us. © 2023
11
Apr