Florida-based Corporate Accountant Pauline Ho has dialled up a warning to business owners to be wary of scammers looking to take advantage of their vulnerabilities around tax matters. —
For more information please visit https://lausconsult.com
Ho, of Orlando's Laus Consulting Services LLC, said that fraudsters offering significant returns on refunds from IRS filing could well be as fake as their false promises.
She commented that there are many warnings that people should be looking out for, particularly around tax filing season, when the fraudsters tend to come out of the woodwork.
"Fraudulent tax preparers could be luring you in on the promise of a major refund, but you could be the one to lose out and be forced to pay extra if the IRS finds the filing is flimsy and fraudulent," Ho revealed.
The U.S. courts are littered with examples of fraudsters being pulled up, exposed and fined, but business owners can still fall prey. "There's an obvious motivation to underpay on your tax returns, but the likelihood is that you'll be found out in due course, so why take the risk?"
Some of the signs to look out for when choosing a tax preparer may include a desire to inflate returns because they are on a commission basis on the refund, boosting charity contributions and straightforward fraud in filing on your personal circumstances.
Ho said: "In the long run, if you are found out, then it's you that will suffer with stiff financial penalties."
To avoid falling for the scams, check out their Preparer Tax Identification Number or PTIN. You can look up their name and location because the IRS keeps a PTIN directory.
"However, being on the list is not an endorsement of their services," Ho added. "It shows the person exists and they are registered with the IRS. But there's a difference between being listed and being qualified."
That's why claims of endorsement by the IRS will ring hollow because the IRS does not do such a thing,
Ho added: "Be wary of fraudsters working out of temporary premises because once tax season is done, they'll be gone. That may well be a problem if the IRS flags up an issue and you can't get hold of your tax preparer."
She urged people not to sign tax returns before they are fully complete, ensure the tax preparer signs the forms, and always read a return to ensure everything is correct. "Because once signed, you are taking responsibility for what is on there," she concluded.
Ho advised that anyone in doubt over tax return filings should consult a professional tax accountant on the legal and safe way forward.
Source URL: http://RecommendedExperts.biz
Release ID: 89044511