For the record, the IRS does not hold millions of dollars in a secret account under your name. Typically, you'd think these kinds of clarifications are unnecessary. However, as Reuters reports, dozens of 'tax preparers' have perpetrated massive frauds under this guise. In a recent criminal lawsuit, the IRS prosecuted such fraudsters for claiming over $500 million in false refunds. Apparently, instead of a secret way of tapping the money in these 'secret accounts,' they just filed falsified tax returns requesting millions in refunds. If it sounds to good to be true, it is--especially when it comes to taxes.

Besides, if you really had a $200 million tax refund, you should fire the CPA that instructed you to pay that much.

[On Fridays, we explore the lighter side of tax news.]