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IRS Scams – Part 2!

Posted on August 16, 2016 in Firm News,identity theft,IRS,phishing,scams,tax planning,taxes

Each year, the Internal Revenue Service releases a list of the worst tax scams. These scams peak at tax season, but they happen all year round. Here’s a roundup of some of the fraudsters’ favorites. Identity theft, phone scams and “phishing” are listed as the top three forms of scams. Identity theft, of course, is when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Phone scams are those scary, send us money right now or go to jail calls. Phishing is usually done by email. The sender is seeking personal and financial information.

Fake charities also abound. They often use names similar to trusted organizations; some even go as far as setting up fake websites. They’re out to take your hard-earned cash and prey upon your generosity. To check if a charity is legitimate, you can check
Taxpayers can be guilty of tax scamming as well. They have been known to falsely claim deductions, underreport income, use multilayer companies to try and conceal who owns income. The earned income tax credit has been abused, as taxpayers actually claim higher income and/or dependents they are not entitled to claim, to get a larger refund.

The IRS is on the lookout for fraud constantly. Beware, be smart, and if you have any questions, give us a call at (702) 893-9500.