Following the post-COVID stimulus hangover in 2022, the bull market has continued to run. One of the key factors was the Federal Reserve’s decision to
Phishing and Taxes and Fraud…. Oh My!
Published Date : March 23, 2017
Good news: It’s only March and your tax return has been filed! Bad news: It wasn’t by you. It’s a problem that is all too common these days and one that unfortunately could affect you this tax season. You try to file your tax return only to have it rejected as it has already been filed — by a thief who has stolen your Social Security number. This number, combined with your name and date of birth, is all that is needed for a fraudulent return to be filed. If you’ve been a victim, you’re in good company as tax-refund fraud was estimated to be a staggering $21 billion as of 2016. ¹
If you are a victim, what should you do?
- File a police report.
- Alert your CPA and other financial advisors.
- File IRS Form 14039 Identity Theft Affidavit (available at www.IRS.gov). This will require paper filing of your tax returns with a PIN issued by the IRS annually.
- Visit www.identitytheft.gov, the federal government’s one-stop spot to help victims.
- Put a fraud alert on your credit reports.
- Consider freezing your credit (see my blog Frozen: Not Just for Yogurt Anymore).
And you should act quickly as the thief who has your personal information will surely try to use it again and again for another purpose like opening a credit account or obtain a loan.
While I’ve heard personal stories of identity theft from several clients, it is only one of many scams you should be aware of this tax season. In fact, the IRS now compiles an annual list of the top twelve scams – called the “dirty dozen” – which can be found here:
https://www.irs.gov/uac/newsroom/irs-summarizes-dirty-dozen-list-of-tax-scams-for-2017
As you would expect, phishing and phone scams top the list. Remember that IRS agents never contact taxpayers via email or phone to discuss a tax bill or a refund. If you are contacted in this manner, someone is trying to perpetrate a scam. Delete the email or, better yet, forward it to phishing.irs.gov — without clicking on any links embedded in it! — or hang up the phone.
In the digital age, it is critical to be ever vigilant about safeguarding your personal information. And while criminals are increasingly sophisticated, many can be stopped in their tracks by following the old adage, “If it doesn’t feel right, it probably isn’t.” Don’t give out your personal information to anyone unless you are certain that they can be trusted.
¹ www.cnbc.com/2015/02/11/tax-refund-fraud-to-hit-21-billion-and-theres-little-the-irs-can-do.html
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