Save Your Business: Avoid These 3 Tax Scams At All Costs

Save Your Business: Avoid These 3 Tax Scams At All Costs

accountingFor your business to succeed, you need to make sure your accounting department is in order. If you don’t have experienced employees working in this field, your business will likely be in jeopardy of some serious financial issues. That’s why it’s so important to work with credible accounting firms. These experienced firms can help you get your company’s finances in order and, more importantly, fight back and prevent any tax scams that are jeopardizing your business.

Here are some tax scams that could ruin your business if you’re not careful:

Scam IRS Phone Calls

Since the IRS is so prevalent in the business sector, criminals are constantly trying to impersonate IRS agents and take advantages of companies. The IRS can audit any business tax return within three years of its filing, and it can collect your company’s back taxes that are owed for up to 10 years. Scammers are fully aware of the IRS’s reach, and they often try and capitalize on inexperienced business owners by imitating IRS callers. In fact, the IRS will never contact you in this manner.

Don’t ever give out your company’s financial information over the phone (or personal information, for that matter) — if it’s really the IRS, you’ll find out in a variety of ways and you won’t be unsure.

Fake Charity Scams

A criminal’s morale compass isn’t exactly that great. Sadly, criminals imitate legitimate charities all the time — especially around the holidays — and try and take advantage of new and small businesses looking for a last-minute tax deduction. It’s important to always investigate a charity before donating or handing over any information. Many of these fraudulent charities even go through the trouble of setting up websites and social media accounts, so be extra cautious.

Phishing Email Scams

Again, without knowledgeable workers in your company’s financing departments, you’re running the risk of falling victim to scams like this. Experienced employees would never click on a phony email link, especially when finances are involved. But inexperienced workers might not be as careful. Be sure to stress to everyone on your team to never click on questionable links in their inbox.

Be extremely careful when it comes to your company’s taxes. If you want to ensure that your company’s finances are protected and your taxes are in order for 2018, work with a trusted accounting firm that can provide quality tax and audit services: contact the CST Group today.