If you or someone you know gets an unexpected tax refund, follow the guidelines outlined by the IRS for how to return the funds to the agency. There are tremendous benefits and conveniences to this, of course, but there are also some downsides such as the increased risk of identity theft that arises as we share more of our personal information online.
A report being released by WalletHub Tuesday shows IL residents pay the highest overall effective state and local tax rate in the country.
An employee at a collection agency stole the personal information of debtors and then sold it to professional identity thieves, who used it to file false returns seeking fraudulent refunds.
"The number of taxpayers reporting themselves as identity-theft victims fell 40 percent in 2017 from 2016", according to irs.gov.
According to the IRS, Americans left $1.1 billion in unclaimed federal income tax refunds in 2014.
Tax scam calls have soared 1,218 percent since a year ago, inundating American taxpayers with often threatening calls in the name of the Internal Revenue Service. Early in the year, when many taxpayers are preparing to file their returns.
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"A common theme among those who report failed grandparent scam attempts is that they disregarded the crook's demand for secrecy and immediately made a follow-up call to the grandchild in question or that child's parent". "You can hang up the phone and contact the IRS directly and ask if you owe them money".
Do not trust the number you see on your caller ID, even if it appears to be coming from the IRS.
In another version, after you get that erroneous refund, you get an automated call, allegedly from the IRS, threatening you with criminal fraud charges, an arrest warrant, and "blacklisting" of your Social Security number.
"Cyber criminals are always working to develop news schemes that will allow them to profit by stealing sensitive information from hard-working people", Revenue Secretary Dan Hassell said.
"You can establish a SEP for 2017 in 2018, as long as you do it before your 2017 filing return deadline", Machen said.
His message comes in the wake of calls and complaints his office has received from residents regarding telephone solicitation for funds, stating that they owed a large sum of money in taxes, and, that the Monmouth County Sheriff's Office was going to arrest them if they didn't pay the money.
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