Categories

Taxes

Tools

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


    Donald Trump Says He’s Fine With Raising Taxes On Himself
    How To Handle A Loved One’s Final Medical Expenses
    Hillary Clinton, My New Investment Advisor
    The IRA Mistake The IRS Lets You Get Away With
    Just 10% Of Possible ID Theft Victims Got Calls Answered  
    IRS Service Goes From Bad To Worse
    The Evidence Is In: A Soda Tax Works
    Five Ways To Slash Your Tax Liability In Retirement
    Ten Myths About Tax Opinions
    India, U.S. To Sign Tax Pact Thursday
    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


    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.

    America’s Best And Worst Car Brands
    With New Chip Credit Cards On Way Here’s What Consumers Need To Know
    Defuse These Four Money Threats
    Three Steps To Take At The End Of Your Student Loan Grace Period
    Which Retirement Account Should I Fund?
    Four Things To Consider Before Establishing A Roth 401(k)
    Luxury Real Estate 101: High Net Worths ‘Bagging’ World’s Most Exclusive Villa Retreats
    Should You Find A Manager For Your 401(k)?
    30-Year Mortgage Rate Drops To 3.84 Percent From 3.93 Percent
    Why One Woman Is Dishing Out Money Advice Aboard A Bus
    Five 401k Mistakes I’m Seeing Right Now
    Seven Bits Of Wise Career Advice That Doesn’t Apply To Entrepreneurs
    Pending Home Sales Miss, NAR Says Stock Plunge Is Good For Housing Affordability
    Can Downsizing Save Your Retirement?
    Is College Even Still Worth It?
    Homebuyer Demand Loses Momentum For Fourth Month
    Unfunded Pension Debts Of U.S. States Still Exceed $3 Trillion
    Health Insurance Is Staggeringly Uncompetitive, And Poised To Get Worse
    U.S. Housing Market Seen Strong Enough To Handle Fed Rate Hikes
    Mortgage Applications Inch Up In Latest Week
    Case-Shiller Home Prices Dip In June, Miss For Third Month In A Row
    Another Powerful Benefit Of Spending Money On Experiences, Not Things: Community
    Obamacare Is Facing Another Big Threat: Accounting
    It’s Official: India Is A Terrible Place For Expats
    How To Spot A Good Obamacare Replacement
    10 Common Myths About Social Security
    The Truth About Social Security’s Long Term Finances
    Fed Rate Hike Impact On Mortgage Rates
    Hackers Publish Ashley Madison Data, Huge Growth In Mobile Banking
    8 Things You Didn’t Know Could Affect Your Credit
    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.