Categories

Taxes

Tools

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


    Senate Literary Critics Don’t Like Fictional Derivatives
    Let Ireland Keep Its Tax Rates
    Tax-Advice Cons And A Deceitful DA
    Tax Reform: When It Comes To Competitiveness, There’s No Competition
    Tax Reform Is Not A Fantasy
    Tax Bill Highlights Split Between Grover Norquist, Club For Growth
    Income Tax Always Goes With Paper Money
    Tax Scams: The “Dirty Dozen”
    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


    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.

    China Seals Off Yumen City After Outbreak Of Bubonic Plague
    Add Fraud To The List Of Obamacare Disasters
    Questions For Obamacare Now
    Is College Worth It? Here’s The Fed’s Answer In One Chart
    Obamacare Is Ending, And Other Nonsense
    Obamacare Has A Scary Day In Court
    The World’s Best, And Worst, Housing Markets
    Possible Epidemic? The Chikungunya Virus Is Starting To Spread In America
    Error: You Have No Payments From Pharma
    Smart Money Buys Brand X
    Obamacare Isn’t What’s Slowing Costs
    Estimating Retirement Medical Expenses
    Parents Spend Over $8 Billion On Back-to-school Gadgets
    Housing Starts Sink To Slowest Pace In 9 Months
    Use A Roth Conversion To Achieve Lower Tax Bills
    Millennials Save For Retirement Earlier Than Baby Boomers, Survey Finds
    Part-Time Workers Deserve The Shift, Not The Shaft
    It’s Hard To Put The Scale Of London’s Property Boom Into Words, So Here Are Some Charts
    Euthanasia Should Be Legally Painless
    Why Are Obstetricians Among The Top Billers For Group Psychotherapy In Illinois?
    HHS Wasted $62 Billion On Fraudulent And Improper Payouts In 2013
    Fanny Pack Mix-Up Unravels Massive Medicare Fraud Scheme
    Success Kills Another Obamacare Myth
    Planning For Digital Assets
    Why Obamacare Is Pushing Up Health Insurance Premiums
    Best Practices For Investing In A Down Market
    How I Graduated College Without Student Loans — And $10,000 To Spare
    5 Reasons You’re Not Financially Independent
    Why You Should Update Your Estate Plan
    How To Get Employees To Save For Retirement
    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.