Victims of IRS Identity Theft-The Dilemma of Obtaining a Loan

A fraudulent tax return was filed for a refund which created a conundrum for my client when he applied for a business loan. He owes what is considered a ‘’large dollar” amount to the IRS.  A fraudulent return was filed – IRS applied the amount to a prior year tax balance for which my client had an installment agreement.  The fraudulent refund was enough to pay off that year.  Subsequently, once the IRS realized the refund was fraudulent; the amount was reversed, and the original tax balance was restored.  Now, I understand this was the correct IRS procedure, but the IRS computer defaulted his installment agreement; although, he is paying… Read More

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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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