Dirty Dozen Tax Scams: #2 Identity Theft & Phishing...

2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.

#2 Identity Theft & Phishing - Attempt to Steal Tax Payer's Identity by Securing Name, Social Security Number, Credit Card Number Or Other Personal information without permission to commit Fraud or Other Criminal Activities. Phishing is one technique used to trick a victim into revealing personal or Financial information on line, through use of Phoney Web Sites or Fake emails, including Social Media. Sometimes Faking IRS eMails or Letters etc.
For Q & A Call Kash @yajnikandmehta.com (925) 931 0863 

Dirty Dozen Tax Scams: #1 Hiding Income Overseas

2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.

#1 Hiding Income Overseas - IRS Aggressively pursues Abusive Offshore transactions as well as promoters, professionals, and others who enable Taxpayers to Avoid or Evade U.S. Income Tax by Hiding Income in overseas Banks, Brokerage, or through use of Nominee Entities. Tax Payers evade taxes by using Offshore Debit Cards, Credit Cards, Wire Transfers, Foreign Trusts, Employee Leasing Schemes, Private Annuities, or Insurance Plans. 
IRS has opened a Special Second Voluntary Disclosure Initiative for Tax payers with Foreign Accounts. The Civil and Criminal Penalties can be very heavy for the offending Tax payers. Go to www.irs.gov for details.
For Q & A Call Kash @ Yajnik and Mehta Associates (925) 963 4891

How Presidential Election effects 2013 Tax Policy ?

Welcome and vote in tomorrow's 2012 Presidential Election.  While the debates gave us some idea of the different 2013 Tax Policies, note the following unspoken words:
1.  Current 2% Employee Wages tax break i.e. 4.2 % Tax will be gone in 2013.
2. No matter who is the President, taxes will go up.
3. How does one reduce the National Budget Deficit without Increasing Taxes and or Reducing the Expenses? 
Sit back and enjoy the election returns, and different election races.
For Tax Q & A, call Kash @ Yajnik and Mehta Associates @ 925 963 4891