Updated: Apr 24, 2021
The Internal Revenue Service has consistently warned taxpayers that there are no current laws allowing reparations.
This caution also includes reminding the American taxpayer that currently, there are no tax credits, exemptions, or deductions for such reparations.
Here is a recap:
Beware of scammers, email, and internet ads that ask you to claim a credit for black investment taxes reparations by filing with them. Online, in-person, or through the mail.
Beware of scammers proposing to help you with claims for a ‘black inheritance tax’ refund.
Beware of phony letters mailed to you telling you that you are eligible for $5,000 or more in slave reparations or Social Security reimbursements.
Beware of scammers that warn you not to call the IRS to check the claim, because the federal government did not want the public to know about the tax credit.
Beware of promoters who argue that they are helping close the wealth gap by helping build wealth in the Black community in a way that is not subject to familiar forms of racial discrimination. These promoters circulate a chain-letter pyramid scheme in which people are recruited and then encouraged to bring in others with assurances that they can all make three-digit returns in a matter of weeks. Of course, Chain letters have been around for years. However, this one has a very inviting ‘Slave Reparation’ theme.
Beware of scammers who want you to enter your credit card info to pay nominal fees to file reparations requests for you. Large unauthorized charges may be the result of such an engagement.