As part of the Dirty Dozen campaign, the IRS warned wealthy individuals about three tax traps designed for them by dishonest promoters and shady tax practitioners.
Taxpayers with high incomes are often targets for a variety of schemes and aggressive tax strategies designed to reduce taxes.
These schemes range from inflated art donation deductions to aggressive charitable remainder annuity trusts and detailed shelters that maneuver to delay paying gains on property. Learn more about these schemes.