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Protect Yourself from Tax Fraud

Posted by Admin Posted on Oct 12 2016

 

Protect Yourself from Tax Fraud

Tax fraud is becoming more and more prevalent.  In 2013 the IRS reported that 5.2 billion dollars were dispersed to identity thieves, according to the Government Accountability Office.  The thieves filed fraudulent tax returns for unsuspecting individuals, and the IRS did not catch it until well after the refund check had been cashed. 

The full extent of the fraud issue is hard to comprehend, but it is an issue that you need to be aware of. 

Identity thieves steal your personal information, such as your Social Security Number, before you even receive your W-2 or 1099.  Thieves will then quickly file a fake income tax return on your behalf.  Then they collect the refund.  The IRS typically tries to issue refund checks within three weeks, which doesn’t really give much time to catch identity thieves.

Here’s how to protect yourself for tax 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 taking the necessary steps to make sure 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.

 

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