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.

Posted in

Congress Not Looking to Pass Internet Sales Tax Anytime Soon

Ever since the Internet became a worldwide sensation, there have been those who think it should be taxed, especially Internet sales from state to state. Taxing the Internet would be a huge source of extra revenue for the government, but for those who use the Internet to shop (which is just about everyone these days),…

NBA Stars Losing Hefty Amounts of Their Salary to the Taxman

Just about everyone knows that professional athletes make a ton of money. Whether you agree with athlete salaries or not, the fact is those hefty numbers you always see reported when an athlete signs a new deal aren’t really all that they’re cut out to be. Oh sure, they are making a lot of money,…

Successful Investing With Taxes in Mind

There are many ways to earn money, but no matter how you get your income the IRS wants its piece of the pie. That includes any gains you make from your investments when you sell them. Although everyone does have to pay tax on their gains, you shouldn’t give the IRS any more than what…

IRS Is Carefully Watching Bitcoin and Other Cyber Currency

Big Brother is watching. Always watching. In this case, Big Brother is the IRS and you might be surprised what they’re looking into now. Although, when it comes to the IRS, nothing should surprise us. Have you ever heard of Bitcoin? It’s one of a handful of virtual currencies that making buying and selling things…