What's the Deal: Avoiding tax scams before April 17th deadline

Mae Love
April 14, 2018

If you haven't filed your taxes, April 17 is the deadline and it's coming up fast.

"The biggest concern we've got frankly is not just the tax treatment, it is the fact that cryptocurrency seems to be a way to evade federal income tax, and so the Criminal Investigation Division is very much focused on this, and they've got some investigations underway", he said. University professors are offering their advice to students on how to file taxes and highlighting the resources available to them. If the tax filing is overdue by more than sixty days, you will incur a minimum penalty of $205 or 100% of your unpaid tax.

He added, "That's where the threat comes out: either they are going to foreclose on your house, deport you, take your driver's license away, send the police to kick your door down".

The spending bill also included $320 million in 2018 to implement the new $1.5 trillion tax cut law. Remember if an extension is granted, it only extends the time a customer has to file, they are still responsible to pay taxes owed by April 17, 2018. And, if filing an individual tax return electronically, taxpayers must electronically sign the tax return using a personal identification number.

"The IRS would never ask you to put money on iTunes cards in order to pay off a debt", said a representative from H&R Block. The IRS website said the agency does not call people to demand immediate payment of taxes.

Unfortunately, there are many taxpayers who have difficulty in getting their tax refunds after completing their returns formalities.

Oil markets tense on Middle East crisis, but rising United States supplies weigh
Brent crude futures were at $72.14 per barrel at 0536 GMT, up 8 cents, or 0.1 percent from their last close. OPEC's main objective for the cuts is to eliminate a global surplus in oil stocks and rebalance the market.

Sell-Side Delving into L Brands, Inc. (NYSE:LB) Stock
Keefe, Bruyette & Woods reiterated a "buy" rating on shares of Wells Fargo in a research note on Tuesday, January 16th. The company had revenue of $22.05 billion during the quarter, compared to analysts' expectations of $22.64 billion.

Kremlin Spokesman Warns Against Syria Strike
After years of Syrian civil war , Russian Federation is suddenly terribly concerned that US provocation could lead to war. The Russian leader warned against "ill-considered and unsafe actions ... that would have consequences beyond conjecture".

"Granted, refunds can be a nice way of forcing us to save money", Bauer said. A spokesman for the St. Louis district said mail delivered to clerks at the counter during regular business hours will be postmarked for that day - avoiding IRS penalties for late filing. "CPAs do not support a privatized IRS", the institute said in the statement.

What's the most secure way to file your taxes?

Why? One common explanation is that March 1, 1914, was a year and some change after the institution of the 16th Amendment, which cemented Congress's power to collect income tax upon its ratification in February 1913. If the return is filed on May 1, the penalty will be another $50.

You'll get slapped with one of two penalties if you don't file both of these, depending on which you fail to do.

U.S., CNMI and Guam citizens, bona fide residents to the CNMI and resident aliens meeting the green card or substantial presence test use the following forms as appropriate: Form 1040EZ-CM, Form 1040A-CM, Form 1040CM. If depositing a tax return in a collection box Tuesday, the USPS suggests double-checking the pickup time on the collection box.

Other reports by

Discuss This Article