IRS warns of recent tax scam

Source: National Cyber Security – Produced By Gregory Evans

IRS warns of recent tax scam

Congress did approve a $290 million budget hike for the IRS, but that money is going to be used to improve customer-service issues – not tax compliance and enforcement, reports USA Today. The best way to check the status of a refund is online through the “Where’s my Refund?” The Foreign Account Tax Compliance Act (FATCA) “requires certain US taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold – at least $50,000 – to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return”, states the IRS. Many taxpayers are eager to know precisely when their money will be arriving, but checking “Where’s My Refund” a few times a day will not produce new information. The IRS encourages taxpayers to be vigilant against phone and email scams that use the IRS as a lure. The most common way that income tax identity theft occurs is when the identity thief files an income tax return using his or her victim’s Social Security number along with a counterfeit W-2 that indicates a large refund is due. TIGTA also recommended that IRS reissue refund checks after finding […]

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