One common technique desperate taxpayers use to wriggle out of trouble with the IRS is to dispose of their major assets and then plead poverty. Usually, the largest asset any person possesses is his home. There are some extremely clever, and completely unethical, tax “experts” who will advise you to retitle your house in the name of an immediate family member (not your wife, if you are filing joint returns, but a parent, sibling, or even a child). Supposedly, this ruse will convince an IRS revenue officer that you truly do not own your own residence, and are only a few days away from homelessness. Don't take the bait! The IRS has been dealing with desperate taxpayers for nearly 100 years, and even the dimmest revenue officer knows all about the “retitling your house” gambit. How? Well, look at it this way: the IRS collects taxes not only from you, but from everyone in the U.S. Do you think giving your home away to your first cousin will go completely unnoticed by the feds, given the paperwork which must be completed and filed (if not by you and your cousin, then by a bank or notary public?) If you attempt to transfer your assets, most likely the IRS will take this as an active attempt at tax fraud and will levy even harsher penalties than you would have faced in the first place. The best way to tackle your tax problem is head-on, not with desperate ruses. A good first step is to contact the Oklahoma tax professionals at Travis W. Watkins, PC. Call us today at (405) 703-5689 for a free consultation!
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