- Ledger Lowdown
- Posts
- IRS warns tax pros about 5 scams exploding right now
IRS warns tax pros about 5 scams exploding right now
just added the borders
I share the 4-5 most important accounting that actually matter. I scroll so you don’t have to.
So grab your coffee, take a quick break, and lets catch up.
In this issue:
The 5 biggest tax scams the IRS is warning about right now
The IRS may kill a partnership rule tax pros hated
How Rolls-Royce pulled off a massive turnaround
- Ledger Lowdown Team
WTF of the Day🤯
The IRS Says These 5 Tax Scams Are Everywhere Right Now
Every year the Internal Revenue Service drops its Dirty Dozen list. It’s basically the scams blowing up during tax season.
Here are the 5 the IRS is most worried about right now.
1. Fake Form 2439 refunds (new this year)
Scammers are telling people to file Form 2439 to claim refunds tied to undistributed capital gains. Problem: many of the funds listed on these forms don’t exist.
2. IRS phishing texts and emails
Messages that look official asking you to click a link, scan a QR code, or “verify” information.
3. AI IRS phone calls
Robocalls and voice-cloned agents demanding immediate payment.
4. Viral tax hacks on social media
Posts promising secret credits or huge refunds that end with audits and penalties.
5. Ghost preparers
Tax preparers who file your return but won’t sign it. If the return is wrong, you’re still responsible.
Simple rule, if a tax trick promises easy money or urgent threats, it’s probably a scam.
What’s poppin in accounting🍿
The IRS Is Backing Off a Partnership Rule Everyone Hated
The IRS created a rule in 2025 targeting partnerships that shift tax basis between related parties to manufacture losses or deductions. If the basis increase crossed certain thresholds, the deal became a “transaction of interest.” That means mandatory disclosure to the IRS.
The thresholds were big, $25M for years before 2025 and $10M after. But tax pros blasted the rule anyway because it would force a lot of normal partnership activity into a heavy reporting regime.
Now the IRS is proposing to scrap the rule entirely after that pushback.
Here’s the weird part: they want the removal to apply retroactively to Jan. 14, 2025, which means the rule would basically be treated as if it never existed. Until the withdrawal becomes final, taxpayers can rely on Notice 2025-23 and skip the reporting.
Weekly Trend Chart 📊
Rolls Royce Just Had lts Best Year Ever
Five years ago, Rolls-Royce Holdings was a mess. Covid crushed air travel. The company was burning billions and cutting about 20% of its staff.
Now the comeback is real. In 2025, operating profit hit £3.5B, up 40% in one year. Since CEO Tufan Erginbilgiç took over in 2023, revenue is up nearly 60% and profits have grown more than 5x. The company even announced a £9B share buyback, and the stock is near all-time highs.
What’s driving it? airlines are flying wide body jets again, defense spending is rising, and there’s a surprise winner… AI data centers. Their power systems business is booming because data centers need huge backup power.
Now Rolls-Royce wants back into the short haul jet engine market it left in 2013. They’re asking the UK government for £200M to help build a new engine before Airbus and Boeing pick engines for their next generation planes.
Meme of the Day😂
😂