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Tax Fraud and Identity Theft – What You Need to Know

Posted by Megan Valenzuela Posted on Jan 23 2017

 

Some facts from the IRS about tax fraud:

- In 2015 the IRS reported 2.7 million taxpayers had identities stolen in the previous year.*

- In 2011 the IRS paid identity thieves 5.2 billion dollars.* 

- Advances in technology have helped stop the payment of fraudulent money, and between 2011 and 2014 the IRS has stopped $63 billion worth of fraudulent tax refunds.*

Here’s what you need to know to protect yourself this year:  Thieves steal your personal information before you even receive your W-2 from your employer.  Thieves will then file a fake income tax return on your behalf before you get a chance to file a legitimate return.  The thieves then sit back and collect the refund check.  It seems to happen fairly fast, and with the IRS trying to issue refund checks within three weeks of receiving your return there really isn’t much time to catch the fraud.

Want to know the best way you can deter tax refund fraud?  File early, and file electronically!  The IRS will reject any tax returns with your Social Security Number that are filed after yours is received.   By filing early and electronically you are ensuring your tax return is processed before any fraudulent ones can be received.

Have questions about how to prevent identity theft tax refund fraud for you?  Give me a call at 573-686-3053 and I’ll be happy to sit down with you.

                                                                                                                              *Source: http://money.cnn.com/2015/06/02/technology/irs-hackers/

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