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.
Avoid Tax Season Scams!
Avoid Tax Season Scams Updated 03 29 21. It’s that time of year again, when thousands of people are conned out of money by “tax season” scammers. Most of us like to think we are too savvy to be scammed, but these scam artists sound very convincing, and if you don’t know what to look…
Is Your Takeout Habit Dragging you Down?
Is your takeout habit what’s for lunch today or did you bring your lunch to work? Maybe you plan to figure it out as noontime gets closer? The business world is busy and professionals are always on the go, which means sometimes they don’t even have time for lunch, let alone to bring a self-made…
What is GROCO?
We are often asked; “What is GROCO and what does GROCO do for its clients?”. This article will attempt to briefly answer those two questions. GROCO’s Start GROCO, also known as GROCO.com or Greenstein, Rogoff, Olsen & Co., LLP, is a family office tax and advisory firm founded in 1964 by Morey Greenstein, CPA. Since…
Planning With Cryptocurrency – Part III Minimizing the Tax Effect of Cryptocurrency Transactions
Planning with cryptocurrency continued… In my previous article, I covered how cryptocurrency is taxed and hard and soft forks. This article addresses different strategies for minimizing the tax effects of selling cryptocurrency. I will cover the following topics in subsequent articles: What happens if I contribute cryptocurrency to a partnership or corporation? What should I…