What Taxpayers need to know about Identity Theft

It has been become very common to hear news about occurrences of confidential information being stolen and used to steal a persons money by taking over the identity of that person. Most often the start of that process begins when sensitive data is stolen by a data breach. There are many forms of identity theft. For tax purposes, this occurs when a person or entity obtains your social security number (SSN), and uses that SSN number to file a tax return to claim a fraudulent refund claim. Unfortunately, this has been happening on a regular basis with both the IRS and state taxing authorities. You may not know that your identity has been stolen for many months after the tax return is filed, and often you only find out when you attempt to file your real return and are told by the IRS that a return was already filed or the income tax return that was filed looks suspicious. The thieves are very clever. In the past, they would setup fake bank accounts to receive the  refund…

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