W-2 Tax Schemes: There is no secret scheme that helps you gain an extra tax refund from the IRS even if you are not eligible for the same. These days many schemes have been going viral on the internet like TikTok or Instagram where self-proclaimed financial advisors have stated that the W-2 form can be filled digitally and the same will generate tax revenue for you. The W-2 Tax Schemes are all frauds and if you indulge in them the liability will fall directly on you along with criminal charges as well. The IRS has warned the state themselves to avoid getting affected by any of these schemes in the tax season 2023.
This is the generation that believes in every viral hack we see on the internet be it about your social image or your body. It becomes so believable and more importantly, it is considered everything that trending so everyone is following it. But here is a little warning, research before you apply anything on your tax filings! So here is what you need to know about the W-2 Tax Schemes which are currently being reported all over the IRS and you should avoid getting trapped in these frauds!
W-2 Tax Schemes
Recently the IRS pointed out that due to many schemes, which go viral on social media to make a fraud tax filing in order to get your free refund is not going to go through under the IRS checks procedure. The department warned the people of the United States that their mechanism to check your tax filing is highly advanced and they work with every employer management organization along with software developers.
And your fake schemes will be detected by the department in a matter of minutes. Have a read into the details about the ideal IRS Stimulus Refunds 2023 and only the genuine tax filers will get a hold of the refund this year.
W-2 Tax Schemes Overview
W-2 Tax Schemes Overview
|Name||W-2 Tax Schemes|
|Income Tax Eligibility||$150,000 or less|
|Last Date for Filing||17th April 2023|
|Payment Type||Economic Impact Payment|
|Where is my refund portal||https://www.irs.gov/refunds|
Viral W-2 Tax Schemes:
Fake W-2 Form: The most viral tax scheme this year is the filing of a fake W-2 form which can yield tax refunds in your favor. The self-proclaimed geniuses’ on social media have asked people to get the W-2 filled by entering their income as per their choice and the rest will be filled by an AI. According to this scheme, you will be able to get your refunds even if you haven’t had any income or needed to pay any taxes.
Form 7202 Tax Scheme: in 2020 due to the Covid-19 outbreak many people faced sickness and were unwell for long durations during their working days. Social media has been promoting how people can get credits by filing the same form in 2023 if they have faced any such conditions. Unfortunately, they did not do their homework as the scheme is no longer applicable and anyone doing this action will be considered debarred from the tax filings and might face bigger consequences. Keeping aside everything else, your refunds in general can face a delay here.
Fake Employee Claims: social media has also promoted how you can show that you had hired help in the past working year. You will be given credits if the help was only hired for medical reasons and the payment was made in cash or if you have not paid federal taxes. While the scheme stays relevant, many have been trying to make fake credit claims for help they never hired. According to reports the scheme has been one of the most trending ones as people presume this one to be genuine and that there cannot be a check on this.
However, since the IRS is keeping a track of fraud and anyone whose application looks even remotely fake will face a proper background check and there will be errors.
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The Internal Revenue Service Department has made it very clear that any of these schemes will not be processed and if there is an error and you have been provided with such revenue, it will be detected soon. Keeping away and doing the legally right thing at this moment will be the smart choice.
Consequences of Tax Fraud in the US
Here are the consequences of W-2 Tax Fraud in the US:
- Only the person who files a fake filing or does some error on purpose to get gains will be liable for all the consequences.
- You can be charged with criminal or civil liabilities
- The damages can go up to $5000 in case of tax fraud based on the amount of your fraud
- Your tax submission can be put on hold even if you filed even one form which is not genuine and a long delay is on the way, to say the least!
AI Development has reached unparallel levels these days and thinking at our government does not track our actions can be a mistake. With the era of ChatGPT, many are thinking that they can use any other AI to get their work done. While these AI will help you in your day-to-day tasks, you cannot fill your taxes or even use them for any action. Tax filing is a very delicate process and lets alone frauds even minor calculation is never ignored.
The best way to deal with this situation is to also understand the stand of the state. The government allows taxes to the people who need the money and does not plan to give extra sponsorship to the people who plan to indulge themselves in fraud. Thus, you should only apply for credits and refunds if you are eligible and require them.