|When tax filing season began in January 2017, the IRS encouraged consumers to submit their taxes electronically and request their refunds via direct deposit. These actions would speed up the filing process and prevent fraudster interception.
The IRS also held the refunds for tax returns that claimed the earned income tax credit or additional child tax credit for an extra period of time before starting to distribute them mid-February. That additional point in time, the IRS explained, accepted processors to act more checks to inspect the veracity of each come back.
The bureau similarly standard a agenda to teach tax professionals on the most up-to-date identity theft schemes to help out one another protect their consumers.
The exert is paying off , because the IRS easily announced that “individuals describing identity theft undergo decreased sharply identical to the equal period in 2016 furthermore 2015.” Between January as well as May well 2017, on the subject of 107,000 taxpayers reported identity theft . At some point of the equal eras inside 2016, there were 204,000 reported cases of identity theft , indicating a 47% reduction .
The company has warned that jiffy distinctive identity theft describing to tax revenue has declined, identity theft recounting to problem tax proceeds has increased .
Notwithstanding the IRS has popped slurp on deception schemes , you may well similarly fiddle a big allowance ensuring you’re not the next tax-related identity theft victim .
Take into consideration to protect the whole thing records containing your Social Safety figure, furthermore purpose strong passwords if you row online (and in all places to boot on the internet) .
Don’t dig up tempted by tax preparers who say they’ll charge you a percentage of your refund , furthermore don’t give any tax data to a stranger who request you . If something doesn’t think honest, it’s possibly not !
Lisa Rowan is a person behind in addition to producer at The Penny Hoarder.
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