Wealthy individuals are warned about three tax traps (e.g., inflated art donation deductions, aggressive charitable remainder annuity trusts, and detailed shelters that maneuver to delay paying gains on property) that are designed by dishonest promoters and shady tax practitioners, the IRS announced as part of the 2024 Dirty Dozen list of tax scams. For those with high incomes, they can be tempting targets for a variety of schemes and aggressive tax strategies designed to reduce taxes, the IRS stated. [IR-2024-104 (Apr. 10, 2024)]
This story was produced by Bloomberg Tax Automation and edited by Bloomberg Tax staff.
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