Are You a Victim of IRS Identity Theft? Here is What to Expect.

Treasury Inspector General for Tax Administration suggests the IRS could lose $21 billion to tax fraud over the next five years. While these numbers continue to increase, you could potentially become a victim of tax fraud. All the crooks need is your name and social security number. Aside from a delay in receiving your refund; there are a few other implications. Here is what you can expect while you have an open ID theft case with the IRS: IRS Collection Notices– You may receive notices demanding you repay the refund you never received (this notice is the most troubling). Contact the IRS immediately and inform them you are a victim… Read More

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Has It Been Years Since You Filed a Tax Return?

You have not filed your taxes in years and the situation worsens as time goes by-feelings of dread and fear consume you. There is a good chance that you may be due a refund; however, you must request a refund within three years of the due date of the return. Another key point for filing those tax returns; the IRS ten year statute of limitations for collections. In other words, the tax balance will disappear after ten years if there are no other legal actions to toll the statute such as bankruptcy. However, the statute does not commence until tax returns are filed. The first step is to contact an… Read More

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