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Tax refunds are often a financial boost for Americans, but they’ve increasingly become the target of scammers who can use your identity to recover whatever money is owed by Uncle Sam.
As we're coming down to the wire on tax season, it's easy to forget that tax-filing time is also prime time for scammers. In 2022, the Internal Revenue Service (IRS) pinpointed more than $5.7 ...
An overpayment scam, also known as a refund scam, is a type of confidence trick designed to prey upon victims' good faith.In the most basic form, an overpayment scam consists of a scammer claiming, falsely, to have sent a victim an excess amount of money.
In fact, you might be so busy during tax season that you fail to recognize the signs of a tax scam. If the IRS sends an email asking you to divulge personal or financial information, you’re ...
An IRS impersonation scam is a class of telecommunications fraud and scam which targets American taxpayers by masquerading as Internal Revenue Service (IRS) collection officers. [1] The scammers operate by placing disturbing official-sounding calls to unsuspecting citizens, threatening them with arrest and frozen assets if thousands of dollars ...
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
If you owed back taxes, you would first receive a letter, or a CP501 notice, from the IRS explaining the balance, including penalties and interest. Upon receiving this letter, you may be able to ...
The IRS has announced that attributing tax liability to a "strawman" is a frivolous position [42] that can result in a $5,000 administrative penalty. [43] It included the Form 1099-OID variation of the redemption scheme in its "Dirty Dozen" list of prominent tax scams every year from 2009 to 2019.