Tax Scam Bill Reaches More Than $20 Million
Do you know where your tax return is? Are you sure that next year’s tax return is safe? It’s clear that the IRS does not have a strong prevention plan in place to stop would-be tax scammers from getting to your personal information and then using it to steal your tax return. According to a recent report from the top tax agency, the Treasury Inspector General for Tax Administration (TIGTA) has received about 600,000 contacts since October 2013 in regards to tax scams. The TIGTA also noted that there have already been thousands of victims who have collectively lost more than $20 million in that time.
According to the IRS, most scammers pose as employees of the IRS and go after those that are most vulnerable, especially the elderly. However, their threatening tactics are clear-cut signs that they are not with the IRS. The agency will never call anyone and ask for personal information over the phone. The IRS will also always send a letter in the mail first, before contacting you by phone.
However, as the number of scams increases so do the scammers’ methods and abilities. Every year tax scammers get more sophisticated in their efforts. This year the IRS found that scammers have started to change phone number caller IDs in order to make it look as though the IRS is actually calling. Additionally, many scammers are starting to learn more about their victims even before they call, so they can appear to be even more legit.
If you think anyone has tried to scam you out of your tax return then the IRS suggests calling the following number: 1-800-829-1040.
Tax Topics Business Owners Need to Know
Being the owner of a small business can be very rewarding, but very challenging at the same time. One of the biggest challenges small business owners face is dealing with taxes. There are countless items to keep track of and monitor with small business taxes, but these are some of the most important issues to…
Top Tax-Saving Moves Used By High Net Worth Individuals
One of the biggest complaints certain groups or individuals have against the wealthy is that they can take advantage of too many tax breaks and loopholes to lower their tax bill. So what are some of the top tax strategies that high net worth individuals use to keep their tax rates down, and could anyone…
Should University Donations Trigger Tax Breaks for the Wealthy?
Universities big and small receive donations from many different sources, including wealthy alumni. However, not all donations are created equal and because the wealthy donors get a huge tax break for their significant donations, some wonder if that is really fair. For example, Nike co-founder, Phil Knight, recently donated $400 million to Stanford, where he…
Money-Saving Tips for Freelancers
When you hear the term freelancer, you might think of someone working a small business out of his or her home and just doing things on the fly. However, freelancers come in all forms and many owners of small businesses or startups are also freelancers. Being a freelancer means you are self-employed and being self-employed…