Categories

Taxes

Tools

  • Economy & Politics
  • Investing
  • Personal Finance
  • Related Posts


    You Probably Won’t Be Surprised At What Millennials Plan To Do With Their Tax Refunds
    Getting A Big Tax Refund May Not Be A Good Thing
    15 Ways To Invite An IRS Audit
    No Money For April 15 1040 Balance Due? Don’t Panic!
    The Tax Freedom Day Myth
    Untaxed U.S. Corporate Profits Held Overseas Top $2.1 Trillion
    Credit Suisse Faces Threat Of New U.S. Tax Probe
    New York State Joins NYC In Suing FedEx For Shipping Untaxed Cigarettes
    A List Of 97 Taxes Americans Pay Every Year
    Bitcoins Not Tax Fairy Dust – Second Life Still A Tax Haven?
    7 Wily Taxes That Could Sneak Up On You This Season
    The Home Office Deduction: What You Need To Know
    89% Of Venetians Vote For Independence From Italy, Will Withhold Taxes To Rome
    Some Big U.S. Companies Dodge State Income Taxes
    Offshore Taxes May Slow Audits For Some U.S. Multinationals: IRS


    Tis The Season For Tax Identity Theft

    “Identity Thief” is a 2013 movie starring Jason Bateman and Melissa McCarthy about a woman who steals the identity of a man named “Sandy.” After the McCarthy character steals the Bateman character’s identity, all types of high-jinx ensue.

    In real life, identity fraud is a very serious matter that frequently ruins the credit of the victim and takes a great deal of time and effort to resolve. With the 2013 tax filing season starting on January 31, 2014, the season for tax identity fraud is also upon us.

    Stolen identity refund fraud (SIRF) is a subset of identity theft that involves the criminal stealing the tax “identity” of an individual. Similar to any identity fraud, a criminal committing tax identity fraud obtains key information about the victim. In the tax context, the key is obtaining the individual’s name matched with his or her social security number. Once that is obtained, the SIRF thief submits a false tax return in the name of the victim claiming a tax refund. Unfortunately, in many instances the refunds are issued.

    The fraud may be discovered when the unsuspecting victim files his or her own return and discovers that the IRS will not issue a refund because a return has already been filed under their social security number. It can be very difficult for the individual to get this straightened out with the IRS once the tax identity theft has been committed. Like other identity theft, tax identity theft frequently causes the victim a number of problems including damaging credit ratings, and reducing state or federal benefits.

    The victims of tax identity fraud are frequently the elderly, or individuals collecting subsistence payments who are not required to file federal income tax returns. For the elderly and those who are not required to file tax returns, it may take much longer for such individuals to discover that they were victims of tax identity fraud. Nevertheless, the fraud may impact those individuals by reducing state or federal benefits.

    In September 2013…

    Click to read the full story

    Discuss this Story:

    Comment Policy: We encourage open discussion. Comments including racist statements, profanity, name calling or spam will be removed at our discretion. We use filters for spam protection. If your comment does not appear it is likely because it violates the policy.

    Even After Doctors Are Sanctioned Or Arrested, Medicare Keeps Paying
    Charting Death (and Life) In America 
    Statins May Help With Dementia, Parkinson’s, Cancer, Stroke And More
    Finding Safe, Guaranteed Income
    What Companies Want From College Grads
    Online Scams Lure Shoppers With ‘Luxury’ Handbag Ripoffs
    What Pre-Retirees Should Be Asking About Taxes
    Can Limiting Divorce Make Marriage Stronger?
    Rising Food Prices Pinching Consumers
    Attention Retirees: You Can Still Have Fun. Here’s How
    U.S. Housing Starts Up But Miss Forecasts; Permits Fall
    A Coke Exec’s Lessons From An Unlikely Visitor
    Is Your Business Persona Working For You?
    Preventive Care Without Cost-Sharing
    Disability Benefits On A Fast Track
    7 Life Hacks For Retirement
    5 Retirement Busters And How To Manage Them
    Pay TV Subscriptions Expected To Rise Through 2019
    This Is The Easiest Way To Pay Less In Taxes
    6 Money To-Dos You Can’t Afford To ‘Pass Over’
    The Most Dangerous Food
    Why Your Savings And Retirement Will Soon Be Gone
    Beyond Ratings: More Tools Coming To Pick Your Doctor
    Longer Nurse Tenure On Hospital Units Leads To Higher Quality Care
    Using Protection Trusts To Help Heirs
    ‘Body Hack’ App By Math Researchers Shortcuts Jet-Lag Recovery
    Getting To The Root Of Parkinson’s Disease
    Diet Soft Drinks May Increase Cardiovascular Risk
    Medicaid Programs Drowning In Backlog
    The Growing Inequality In How America Saves For College
    Read more from Personal Finance...

    Liberty Investor Digest

    Get today's most important
    financial headlines all in
    one place by email!



    Sources


    close[X]

    Sign Up For Liberty Investor Digest™!

    Get Liberty Investor Digest FREE By Email!

    Input your name and email address in the fields below and get today's most important financial headlines sent straight to you inbox!

    Privacy PolicyYou can opt-out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.