Each year, the IRS publishes a list of a dozen tax scams to lookout for — and this year, abusive retirement plans made the cut.
The IRS works with the Justice Department to pursue and shutdown perpetrators of these and other illegal scams. Promotersfrequently end up facing heavy fines and imprisonment. Meanwhile,taxpayers who wittingly or unwittingly get involved with theseschemes must repay all taxes due plus interest and penalties.
“The dirty dozen represents the worst of the worst tax scams,”IRS Commissioner Doug Shulman said in a press release. “Don’t fallprey to these tax scams. They may look tempting, but thesefraudulent deals end up hurting people who participate inthem.”
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