It’s tax fraud season for doctors, again
September is the start of the annual tax fraud sales season. As doctors are aggressively pursued with a variety of tax savings plans that make big promises, knowing what you are buying and who you are dealing with is vital.
Many of you will be solicited to engage in some kind of income tax avoidance planning this fall, and you certainly should take every legal step allowable to use the tax code to your advantage. That said, doctors have always been great target markets for both good and bad tax plan sales due to their higher than average incomes and perceived tax sensitivity. Promoters are aware of both and typically appeal to and encourage that psychology and apply sales pressure at the end of the year when they know you are busy with increased patient volume, family, and holidays. Our next several discussions will focus on tax planning issues physicians must be informed about to avoid making a move that may not produce the promised tax savings and may actually increase what you owe and create both civil and criminal liability.
Read more on Physician’s Practice
Large enough to serve a diverse clientele, yet small enough to maintain a hands-on approach, we are committed to maintaining the highest accounting and ethical standards with continuous education, extensive research resources, and excellent quality control.
Polk and Associates is a member of the Michigan Association of Certified Public Accountants, and the American Institute of Certified Public Accountants. The firm participates in the AICPA Peer Review Program, and has always received the highest level of award for its audit practice and quality control.
Contact Us
Comments are closed.