Thieves Steal Confidential Taxpayer Info Via IRS Website

Just when you thought you were safe to access important and confidential information via the IRS website, it turns out scammers are at it again. According to reports from the IRS, thieves have managed to break into one of the government agency’s website services and steal the confidential information of thousands of taxpayers.
In fact, according to reports, the IRS says that the personal information of more than 100,000 taxpayers has been compromised. The idea behind the scam is to steal people’s private information in order to use the victims’ identities to then file false tax returns. The scam occurred through the IRS’s “Get Transcript” service, where taxpayers are able to access their returns and other filings from prior tax years.
According to IRS Commissioner John Koskinen these scammers are not amateurs. They appear to part of a large criminal syndicate that is attacking the entire financial industry in an effort to defraud both taxpayers and the government of millions.
The IRS discovered the issue after technicians noticed a large bump in the number of taxpayers that were asking for transcripts. While this kind of elaborate tax fraud continues to increase, the IRS claims that so far this year tax scammers have successfully claimed less than $50 million via false tax returns. However this new threat appears to very complex and the information that has been stolen could also be used in future tax seasons to defraud the IRS and taxpayers out of even more money.
U.S. Income Tax Issues for Resident & Nonresident Aliens
U.S. Income Tax Issues for Resident & Nonresident Aliens Part 2: United States Tax Laws – A Perspective for Foreign Companies and Individuals Doing Business or Living in the United States Determining U.S. residency status There are two basic tests to determine the U.S. residency of alien individuals: the green card test, and the substantial…
Appendices
Appendices United States Tax Laws – A Perspective for Foreign Companies and Individuals Doing Business or Living in the United States Appendices Flowchart for determining residency status Copies of forms 1001, 1040, 1040NR, 1042, 1042S, 5471, 5472, 8300 and TD F 90-22.1 Appendix 2 Forms 1001- Ownership, Exemption, or Reduced Rate Certificate 1040 US Individual…
Self Employed Refinancing Problems – What Can Business Owners Expect?
Self Employed Refinancing Problems – What Can Business Owners Expect? By Tristan Hunt Self Employed Borrowers at Greatest Risk of Foreclosure It’s a hot topic. Millions of self-employed borrowers who purchased or refinanced a home in the past 5 years under liberal “stated income” or “no documentation” mortgage programs are finding they cannot qualify to…
The Importance of Life Insurance in Estate Planning
Life Insurance for Estate Planning As part of the estate planning process, you may talk to any number of advisors—from lawyers, accountants and trust officers, to financial and retirement planners. These advisors often provide not only valuable services, but also may be in the business of selling investments, annuities and insurance. You will need to…