Categories

Taxes

Tools

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


    IRS Gave $18M To Firms With Tax Debts
    Donald Trump Announces Bid For Presidency: What Is His Tax Plan?
    Tax Court: In Order To Convert A Home To A Rental, You Should Probably Rent It
    10 Homeowner Tax Breaks You Should Be Taking Advantage Of
    Detective’s Vacation And Sick Time Not Excluded From Taxable Income
    If You Owe Under $1 Million, The IRS May Not Visit You
    IRS Seeks Record $2 Billion In Back Taxes From Prominent Businessman And Philanthropist Sam Wyly
    Obamacare’s Tax Day Mystery
    Are You Enjoying This Awful Tax Season?
    Why Do States Leave Billions In Retiree Income On The Table?
    IRS To Waive Penalties For Taxpayers With Delayed Or Inaccurate Obamacare Insurance Information
    Who Knew? Your Tax Return Could Hold The Secret To Increasing Your Wealth
    The Tax-Saving Tool You’re Not Using
    The Single Best Move To Make At Tax Time
    Despite April 15 Tax Deadline, Five Reasons Filing An Extension Is Better


    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.

    Flying On A Private Jet Is Getting Much Cheaper
    FDA Needs To Provide Guidance On Biosimilars
    Summertime Scams: How To Avoid Hot-Weather Fraud
    10 Things Every College Grad Needs To Know About Money
    Want To Improve Your Work/Life Balance? Take The 168 Hours Challenge
    It Is The Season For Cons In Home Repairs
    Robert Herjavec: ‘The World Doesn’t Reward Mediocrity’
    10 Reasons You’re Not A Millionaire — Yet
    Under Pressure, MasterCard Stops Doing Business With Backpage.com
    City-by-city Look At House Prices, As Seattle Jumps
    How One Young Guy Can Create $25 Billion
    Online Caregiver HomeHero Raises Money From Former Washington Post Owner
    Obamacare: The Business World’s Biggest Disruptor
    College Must Become More Accessible And Affordable–So Here’s A Start
    Whose Retirement Directions Are You Following?
    How To Avoid Mistakes With Social Security
    Stop Delaying: How To Rebalance Your 401(k)
    One Thing Stopping You From Early Retirement
    What Financial Documents To Keep
    When A Reverse Mortgage Can Make Sense
    A New Type Of Annuity For Life’s Biggest Unknown
    Sloppy Drafting Saves Obamacare — Supreme Court Upholds Tax Subsidies For All
    Steps On The Path To Public/Private Long-Term Care Financing
    Building The Complete Estate Plan
    Lexus Hoverboard: Does It Really Levitate?
    Curbside Raises $25 Million To Deliver To The Half-lazy Shoppers
    This Surprising Money Habit Is Driving Couples Apart
    Why Laws Can’t Stop Scams And Abuse Of Seniors
    The Shocking Truth Mutual Funds Don’t Want You To Know
    How To Find Your Next Big Business Idea
    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.