The Treasury Inspector General for Tax Administration has released a report, stating that as of February 25, 2023, the IRS identified 31,079 tax returns claiming roughly $310.7 million in fraudulent refunds. Fortunately, the issuance of 97.7 percent ($303.7 million) of those refunds was prevented. The entire report can be accessed at https://bit.ly/3CDcdmS.
Stay Informed and Exercise Caution to Avoid Tax Scams:
Tax scams are a persistent threat. However, by staying informed and practicing caution, you can safeguard your finances. Be on guard against identity theft, phishing scams, counterfeit charities, preparer fraud, and refund fraud. Verify all communication and organizations meticulously, and report any suspected scams promptly. Visit the IRS page at https://bit.ly/3qRtPJg for a list of scams that target taxpayers.
Remember, the IRS will never initiate contact via email, text, or social media platforms. Their primary mode of communication is traditional mail.
According to the IRS (see https://bit.ly/3Jp1BvK), there are occasions when they may contact you:
“The IRS initiates most contacts through regular mail delivered by the United States Postal Service. There are, however, circumstances in which the IRS will call or visit a home or business. These include when a taxpayer has an overdue tax bill, a delinquent tax return, or has failed to make an employment tax deposit. An IRS employee may also inspect assets or a business as part of a collection investigation, an audit, or an ongoing criminal investigation. Even then, taxpayers will typically receive several letters (called ‘notices’) from the IRS in the mail.”
Stay alert and report any suspicious activity promptly to help prevent yourself and others from becoming victims of tax scams. The IRS provides detailed steps on how to report scams at https://bit.ly/42W3CXg.
Disclaimer: This post provides general information and should not be construed as financial or legal advice. It’s recommended that you consult with a tax professional for guidance based on your unique circumstances.
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