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5 Tax traps physicians should avoid
With Tax Day on the horizon, don’t fall into these specific traps.
Our last installment provided some details and basic rules every doctor should know about tax planning, including who is responsible for the information on your tax return, details about what income you have to report, and a look at the sales techniques promoters of tax evasion use to get you to pay for their services. When it comes to clarifying questions of tax law and what crosses the line from legal tax avoidance to illegaltax evasion, I always start with the I.R.S., which provides the following detail about these specific scams that the Office of Promoter Investigations (OPI) is prosecuting participants and promoters of abusive tax avoidance transactions for using.
"We are stepping up our enforcement against abusive arrangements," said IRS Commissioner Chuck Rettig. "Don't be lulled into these shady deals. The IRS recommends that anyone who participated in one of these abusive arrangements should consult independent counsel about coming into compliance."
These aggressively marketed abusive arrangements wrap up the IRS's annual "Dirty Dozen" list and include the following red flags:
Asset Protection and Financial Planning
December 6th 2021Asset protection attorney and regular Physicians Practice contributor Ike Devji and Anthony Williams, an investment advisor representative and the founder and president of Mosaic Financial Associates, discuss the impact of COVID-19 on high-earner assets and financial planning, impending tax changes, common asset protection and wealth preservation mistakes high earners make, and more.
Real Estate Transactions for Physician Practice Owners
April 26th 2021Physicians Practice® spoke with Colin Carr, CEO of Carr Realty, to find out what physicians and practice owners should know about real estate trends in early 2021 and the best practices in making commercial healthcare real estate purchases.
