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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The rise of IRS identity theft will likely delay tax refunds-Change your withholdings.

With the rise of identity theft, the IRS will likely delay tax refunds and increase audits in the future. According to the Taxpayer Advocate, identity theft cases jumped 157% from fiscal year 2011 to fiscal year 2013; this clearly shows no slowing down of IRS identity theft in the near future. Do you use the IRS as a savings institution? Does it make you feel good to receive a large tax refund to do those much needed home repairs? Well, now is the time to change your thinking, because you may not be able to get your refund when expected from the IRS. Due to the identity theft epidemic the… Read More

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