Archives For JDKatz

The law firm of JDKatz, P.C. is proud to announce that two of its attorneys have been selected for inclusion in the 2014 Maryland Super Lawyers and “Rising Stars” lists.

Senior Associate Jeremy Rachlin has been selected to the 2014 Maryland Super Lawyers List for publication in Maryland Super Lawyer’s Magazine and Baltimore Magazine.  Jeremy was recognized in the area of Estate and Trust Litigation.  Each year, no more than five percent of the lawyers in the State of Maryland are selected for inclusion on the annual Super Lawyers List.

Additionally, Associate Timothy Canney has been selected to the 2014 Maryland Super Lawyers Rising Stars List for publication in Maryland Super Lawyer’s Magazine and Baltimore Magazine.  Tim was recognized in the area of Tax: Business Law.

Super Lawyers is a listing of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement, and “Rising Stars” recognizes the top up-and-coming attorneys in the state who are under 40 years old and/or have practiced for less than 10 years.  The annual selections for these lists are made using a patented 12-phase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area.
JDKatz: Attorney's At Law

JDKatz, P.C. is a full-service law firm focused on tax law, business services, and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.

Happy Birthday to Jeffrey Katz, Managing Partner at JDKatz: Attorneys at Law.  To celebrate the “Super Lawyer’s” birthday, we thought we’d bring back his 90’s composite photo from his days as a fraternity brother of the Delta Chi Chapter at American University.  He’s come a long way since then, gaining membership from the Maryland bar, the Montgomery County Bar Association, and the Maryland State Bar Association; he is admitted to practice before the Maryland District and Circuit Courts, the Maryland Federal District Court, and the United States Tax Court.  Mr. Katz is a frequent contributor to publications and periodicals, with recent articles having appeared in Washington Life Magazine, The Washington Business Journal, and The Commercial Real Estate News.

His success has been recognized through multiple awards and honors, including his firm’s most recent recognition as the Law Firm of the Year (Corporate Tax) from the  M&A International Global Awards 2013 edition, to be presented in January.

Here’s to another year of Jeff finding the “Joy of Tax and Litigation Law.”

JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.

Dirty Dozen Tax Scams

February 22, 2012 — Leave a comment

 

Every year the IRS issues a “dirty dozen” common tax scams that many taxpayers have encountered over time.  When filing tax returns, it is always important to remain cautious and aware of the wide range of schemes that can greatly hinder your financial security. The following list of scams can occur accidentally or purposely, however, the only way to protect yourself is to be aware and conscientious of these situations:

1) Identity Theft –perhaps the most common scam – thieves that use a taxpayer’s identity and personal information to claim a fraudulent refund

2) Phishing – unsolicited e-mail or a fake website that encourages taxpayers to provide their personal information for a “tax return” NOTE: The IRS NEVER E-MAILS taxpayers

3) Return Preparer Fraud – suspecting tax preparers have been known to charge inflated fees by promising inflated refunds, take a portion of the taxpayer’s refund as compensation, and add forms that you have never filed before. Every tax preparer should have a Preparer Tax Identification Number and you should always review your return prior to submitting it to the IRS

4) Hiding Income Offshore – every taxpayer must report financial accounts abroad, regardless of where or how the money is used

5)  “Free Money’ from IRS & Tax Scams involving Social Security – flyers and advertisements saying there is free money from the IRS by filing a return with little to no documentation. These scams prey on the elderly and low-income individuals. Do not trust a flyer or non-professional individual with your finances.

6) False/Inflated Income and Expenses – entering an inflated income to earn more credits is a highly used scam among taxpayers. These intentional mistakes are easily recognized and the taxpayer must pay interest and penalties on those errors.

7) False Form 1099 Refund Claims – sometimes taxpayers knowingly submit a Form 1099 Original Issue Discount to claim a false refund. You could face criminal prosecution if this form is submitted without any justification.

8) Frivolous Arguments – promoters encourage taxpayers to make outrageous and unreasonable claims against paying taxes they owe. Every tax liability can be contested in court, however, you cannot disobey the law.

9) Falsely Claiming Zero Wages – typically a “corrected” Form 1099 or Form 4852 (substitute W-2) are used to improperly reduce income. If you have a W-2, you must submit your exact income, or you could potentially face a $5000 penalty.

10) Abuse of Charitable Organizations and Deductions – taxpayers have been known to exaggerate their charitable contributions for the year. These charities submit their own tax forms as well, so this could be detrimental to the fraudulent taxpayer.

11) Disguised Corporate Ownership – there have been cases where false employer identification numbers have been submitted to claim fictitious deductions, facilitate money laundering, or underreport income.

12) Misuse of Trusts – while some trusts protect a taxpayer’s assets, there has been substantial abuse of private annuity trusts and foreign trusts to alter income and deduct personal expenses. You should always seek the advice of professional before shifting your assets in a trust. 

The attorneys at JDKatz, P.C. understand the comprehensive scamming techniques undertaken by criminals. We can assist you in resolving your financial and legal matters as a result of these unscrupulous methods of tax filing.