That letter from the IRS could be a fake — watch out for this tax scam and others in 2020
Most of us find it nerve-wracking enough that we're forced to focus on gathering our piles of paperwork to fill out our tax returns.
Fraudsters want your Social Security number and other key personal information in order to file fake tax returns as early as they can in the season to claim inflated tax refunds. Porsche's revamp : How the SUV boom changed PorscheThe crooks want to e-file tax returns before you do because they know that the Internal Revenue Service system will reject a tax return when the IRS has already received another return using the same Social Security number.
The IRS said it stopped 597,000 tax returns filed by identity thieves claiming $6 billion dollars in tax refunds 2017. As part of a Security Summit Initiative, the IRS is working with representatives of state tax agencies, tax preparation firms, payroll processors and others to combat tax refund fraud that hinges on stolen personal information.
Story continuesA new online system was announced in November to report Social Security scams online at oig.ssa.gov. Tax preparation software for business-related returns now requests more information to protect the tax filer, including the name and Social Security number of the company executive authorized to sign the corporate tax return.
"Never click on a link or open an attachment without independent confirmation of the sender," Levin warns. Is your tax preparer about to get scammed?Fraudsters have really narrowed their focus on tax preparers, not only to steal client data but also to get their hands on information from the professional, such as e-service passwords, said Andy Phillips, director of H&R Block's Tax Institute.
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