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But the repercussions can be significant if taxpayers are caught in this scam. The IRS can slap a variety of penalties, including those of $5,000 or even jail time.
The consumer who falls for the scheme ends up unable to get the actual tax refund they're legitimately owed when the IRS freezes the refund as the problem involving the credits is addressed ...
The IRS said this scam is being used to harvest valuable personal information. One such message included: "Dear Tax Payer, We hope this message finds you well. ... You will receive a tax refund of ...
1099 OID fraud is a common scam used to obtain money from the U.S. Internal Revenue Service (IRS) by filing false tax refund claims. [1]Form 1099-OID is intended to be submitted to the IRS by the holder of debt instruments (such as bonds, notes, or certificates) which were discounted at purchase to report the taxable difference between the instruments' actual value and the discounted purchase ...
The U.S. government issued a series of stimulus payments in 2020 and 2021 to help Americans get through the coronavirus pandemic. By law, the last of those payments was issued no later than Dec ...
The IRS defines excess business loss as "the amount by which the total deductions attributable to all of your trades or businesses exceed your total gross income and gains attributable to those ...
Each year, the IRS releases its "Dirty Dozen" top tax scams that identity the tactics thieves and fraudsters use to try and con people out of money. See: Check Your Bank Account: Scammers Are ...
If the IRS sends a tax bill to a private debt collection service, it notifies the taxpayer first. The IRS website, www.irs.gov, has much more information about scammers — search the site for "scam."