Morning Money Matters: Tax Scam

News 12 This Morning; February 17, 2009

If it sounds too good to be true, it probably is. So, if you hear someone tell you, "hey, there's a loophole this year, and you might be able to get out of paying income taxes," don't fall for it.

The South Carolina Department of Consumer Affairs says some people already have.

Here's the deal: you're approached saying you can get out of taxes this year, but you have to buy something to show you how. It's usually a kit or a book with instructions a cost of several hundred dollars. One of the instruction books even advises its buyers on "what to do if you get arrested."

With most other scams, you may not lose anything other than money, but this scam is a little different. This tax evasion scam invites you to do an illegal act.

Not only will you ultimately have to pay back taxes by not filing this year, you will also be subject to fines and possibly to prison time.

This is serious business.The people behind one of these scams had accumulated more than 10 million dollars in victim's money. They are both now serving very lengthy prison terms. However, there are still people out there going strong with this. So, if you get an offer to skip taxes, take down their information and pick up the phone.
You'll want to call the police.


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