FYI: Tax Refund Scam
According to the Treasury Inspector General for Tax Administration, the Internal Revenue Service (IRS) could issue as much as $21 billion in potentially fraudulent refunds over the next five years. Identity theft will account for many of these refunds.
With this type of scam, the thief steals a taxpayer’s Social Security number and files a return under it to get a refund. You may be the victim of a tax refund scam if:
- The IRS tells you that you’ve already filed your tax return, or you end up filing more than one return.
- You have a balance due or have had collection action taken against you for a year in which you didn’t file a tax return.
- IRS records indicate that you received more wages than you actually earned.
- State or federal benefit payments have been reduced or canceled because the paying agency received notice of an income change.
If you believe you are the victim of a tax refund scam, call the IRS Identity Protection Specialized Unit at 800-908-4490.
February 2014 Issue:
- Five Ways to Stay Tax Smart This Year
- Social Security: Employment during Retirement, Taxation and Your Benefit
- Tax Diversification: Providing Flexibility in Retirement
- Three Financial Resolutions Worth Keeping
- The Cost of Waiting
- FYI: Tax Refund Scam
- Securely Share Your Edward Jones Tax Forms
- Tax Return Checklist
- Stock Table (pdf)