We know identity theft is a frustrating process for victims. The IRS is taking this issue very seriously and continues to expand on their robust screening process to stop fraudulent returns.
What is identity theft?
Identity theft occurs when someone uses personal information such as your name, Social Security number (SSN) or other identifying information without your permission, to commit fraud or other crimes, such as claiming a fraudulent refund.
How do you know if your tax records have been affected?
Usually, an identity thief uses a legitimate taxpayer’s identity to fraudulently file a tax return and claim a refund. Generally, the identity thief will use a stolen SSN to file a forged tax return and attempt to get a fraudulent refund early in the filing season.
You may only become aware this has happened to you if you file your return later in the filing season and discover that two returns have been filed using the same SSN.
Be alert to possible identity theft if you receive an IRS notice or letter that states that:
What should you do if your tax records are affected by identity theft?
If you receive a notice from the IRS, contact us immediately. If you believe someone may have used your SSN fraudulently, we will notify the IRS immediately by completing the appropriate paperwork.
If you are a victim of identity theft, the Federal Trade Commission recommends that you
If your SSN number is compromised, the IRS recommends that you
How can you protect your tax records?
If your tax records are not currently affected by identity theft, but you believe you may be at risk due to a lost/stolen purse or wallet, questionable credit card activity or credit report, please let us know. We can assist you in contacting the IRS and other agencies to ensure your identity is safe.
How can you minimize the chance of becoming a victim?
If you become a victim of identity theft, the professionals in our office can assist you in dealing with the IRS and any other agencies with which you must communicate. Call us today.
Receive Free financial tips & Tax Alerts!
"*" indicates required fields
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The Partnership Issue An unincorporated business with your spouse is…
The IRS announced that it has stopped processing all new Employee Retention Credit (ERC) refund claims and will continue its moratorium at least through December 31, 2023. (IR-2023-169) In IRS…
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments…