Wednesday, August 12, 2009

Word to the wise taxpayer: Beware third-party fraud

WASHINGTON (8/12/09)--Recent successful federal prosecutions should serve as a warning to all taxpayers: Hiring someone to prepare your tax return does not absolve you of responsibility for its accuracy and truth.

Last month the Internal Revenue Service (IRS) made an example of James Otto Price III, a Jacksonville, Fla.-tax preparer who pleaded guilty to claiming a first-time homebuyer tax credit for a client who was not eligible. Price could receive a sentence of up to three years in jail and/or a fine of up to $250,000.

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