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Printable Form W-2 2023 Sugar Land Texas: What You Should Know
SUMMER FRAUD IN THE UNITED STATES What is the Summer Fraud Scheme and how does it work? In the United States, the summer fraud occurs when someone files fraudulent tax returns or wire transfers with their bank that are actually for their employer. To date, the IRS has had zero cases of a summer fraud case in all of 2014. Who is at risk of being victimized It is estimated that there will be over 5 trillion in uncollected Federal tax fraud between 2023 and 2025. This includes money that has been paid back to the victims, interest to be paid, penalties assessed, and interest paid to the Department of Justice. The Department of Justice estimates that the average individual will lose 1.10 thousand in federal tax revenue due to fraudulent financial activity each year, which adds up to over 4.4T annually. As a reminder, the Summer Fraud Scheme is a Federal felony crime. How does the scheme work? The scheme works like this: A person contacts your business, or a person within your business, and requests personal or cash deposits for the summer. If a bank employee deposits the cash to your business account, you become the new bank owner for the scheme. The bank receives a wire transfer that is for one month's payments from the person who files the fraudulent tax return. The purpose for the Summer Fraud Scheme is to make you the bank owner for the scheme until payments are due. If the tax return is fraudulent (that is, it does not reflect the amount of income, deductions, or interest that should be reported), the person who files the return must pay back all the money. The money is then deposited directly into the bank. The employee is no longer required to make withdrawals at the bank. Once you sign on to do business with this company, what happens? The person who files the fraudulent tax return, and you may decide to work together. You may get a contract or agree to pay commissions to your employees, or you may agree to set up a joint business account in the individual's name. This means that one of you is now the owner of the business, and you will be responsible for processing payments for the accounts and for keeping records of all the transactions you participate in. The one time a year that you make checks, wire transfers, or deposits to the company for the company's account, you are not the bank owner.
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