Want to Keep Your Small Business Going Strong? Avoid Tax Identity Theft

Business Tax Identity Theft_March 2016

Among life’s inevitabilities, taxes are firmly planted — with income taxes becoming a permanent fixture in the U.S. in 1913. It was then that the 16th Amendment to the Constitution was created, giving Congress legal authority to tax the incomes of both individuals and businesses. 

With that single requirement grew many guidelines (updated regularly by the Internal Revenue Service) — along with numerous tax-related risks that could threaten to close your business, tax identity theft tops the list. Dealing with this profusion of factors can seem chaotic to any small business owner. But while taxes are inevitable, business tax identity theft doesn’t have to be. Stick to these tax basics to avoid business tax identity theft from wreaking havoc on your small business.  Continue reading

The Six Simple Secrets for Preventing Tax Identity Theft

How to Prevent Tax Identity Theft

Tax identity theft is a growing concern. And with filing season upon us, you may find yourself a little on edge — for good reason. 

The IRS anticipates losing $21 billion to fraudulently filed tax returns in 2016, up from $5.8 billion just two years prior. Why such steep growth? Because thieves are realizing that this rather lucrative scheme takes relatively little effort to execute.

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IRS Data Breach Exposes 100,000 Taxpayers

IRS

What happened?

On Tuesday, the Internal Revenue Service disclosed that more than 100,000 individuals had their historical tax returns exposed from February to mid-May.

The data breach occurred when thieves accessed previously filed tax returns using the IRS’ system “Get Transcript,” which was available on their website. “Get Transcript” provides taxpayers with their historical returns, which are typically required when applying for loans or college aid. Continue reading