Every year the Internal Revenue Service (IRS) releases its list of tax scams, spotlighting the myriad ways that people try to separate you from your money.¹
The “Dirty Dozen”
Identity Theft
Using your personal information, an identity thief can file a fraudulent tax return and claim a refund. If you’ve been a victim of stolen personal information, you can contact the IRS so the agency can protect your tax account.
Phishing
Be wary of fake emails or websites looking to steal your personal information. If you receive a request for information that appears to be from the IRS, contact the IRS directly to verify the request.
Telephone Scams
Scammers will contact you pretending to be from the IRS. They may say that you are due a large refund or owe money (even threatening arrest or revocation of your driver’s license). If you receive such a call, call the IRS and contact the Federal Trade Commission using their “FTC Complaint Assistant” at FTC.gov.
Inflated Refund Claims
Tax preparers promising inflated returns may ask clients to sign a blank return or charge fees based on a percentage of the refund. Beware of phony storefronts or preparers advertising through word-of-mouth to community groups where trust is high.
Return Preparer Fraud
Dishonest preparers may use tax preparation as an excuse to steal your personal information, so only use a preparer who signs the return and has an IRS Preparer Tax Identification Number.
Hiding Income Offshore
The IRS has strengthened its ability to identify offshore holdings, and the failure to report them will be costly.
Impersonation of Charitable Organizations
Fraudulent charities raise money or obtain private information from individuals looking to help. Donate only to recognized charities, and beware of charities whose names sound similar to the well-known ones.
False Income, Expenses or Exemptions
Falsifying your tax return is a high risk, low reward exercise, especially in this age of Big Data.
Frivolous Arguments
Ignore promoters of frivolous arguments that promise you tax relief. Not only are they expected to fail, but you may be subjected to penalties and possible jail time.
Falsely Padding Deductions or Returns
Dishonestly reporting deductions to reduce tax bills or inflate refunds may open you up to penalties and prosecution.
Abusive Tax Structures
If someone is proposing to eliminate or substantially reduce your taxes through complex tax structures, walk away—they may be offering nothing more than illegal tax evasion.
Excessive Claims for Business Tax Credits
This happens when taxpayers or their tax preparers improperly claim the research credit or the fuel tax credit, which is generally limited to off-highway uses, such as farming.
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What type of retirement savings plan does Blue Cross Blue Shield offer to its employees?
Blue Cross Blue Shield offers a 401(k) retirement savings plan to help employees save for their future.
How can employees of Blue Cross Blue Shield enroll in the 401(k) plan?
Employees can enroll in the Blue Cross Blue Shield 401(k) plan by completing the enrollment process through the company’s HR portal.
Does Blue Cross Blue Shield provide any matching contributions to the 401(k) plan?
Yes, Blue Cross Blue Shield offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the eligibility requirement for employees to participate in Blue Cross Blue Shield's 401(k) plan?
Employees are typically eligible to participate in Blue Cross Blue Shield's 401(k) plan after completing a specified period of service, as outlined in the plan documents.
Can employees of Blue Cross Blue Shield change their contribution percentage to the 401(k) plan?
Yes, employees can change their contribution percentage to the Blue Cross Blue Shield 401(k) plan at any time, subject to the plan's guidelines.
What investment options are available in Blue Cross Blue Shield's 401(k) plan?
Blue Cross Blue Shield offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for the employer match in Blue Cross Blue Shield's 401(k) plan?
Yes, Blue Cross Blue Shield has a vesting schedule for employer matching contributions, which determines when employees gain full ownership of those funds.
How can employees access their 401(k) account information at Blue Cross Blue Shield?
Employees can access their 401(k) account information through the online portal provided by Blue Cross Blue Shield’s retirement plan administrator.
Are there any fees associated with Blue Cross Blue Shield's 401(k) plan?
Yes, there may be administrative fees associated with the Blue Cross Blue Shield 401(k) plan, which are disclosed in the plan documents.
What happens to an employee's 401(k) balance if they leave Blue Cross Blue Shield?
If an employee leaves Blue Cross Blue Shield, they have several options for their 401(k) balance, including rolling it over to another retirement account or leaving it in the Blue Cross Blue Shield plan if permitted.