Beware the ‘Dirty Dozen’

IRS has become known for annually itemizing its “Dirty Dozen” tax scams expected to be seen somewhere throughout the upcoming filing season.   This year’s list is out, and “abusive tax shelters” are again prominently included.

Such “schemes,” as IRS describes them, have evolved from foreign trust arrangements into sophisticated strategies which take advantage of the financial secrecy laws of some foreign jurisdictions.

If you’re into any of these (including some trust structures put forth by unscrupulous promoters) get ready for a call from the IRS Criminal Investigation Division, and get some legal advice right away.