03.19.2013 | Articles / Publications
Burr Alert: Filer Beware – the Growth of Fraudulent Tax Returns
The filing of fraudulent tax returns resulting from identity theft is a growing business in America. If it wasn’t bad enough that the criminals would try to get money out of your bank or use the information to purchase goods on your account, they now want your tax refund! Treasury tells us that for the 2011 filing season, there were approximately 109 million returns filed claiming refunds and that of those approximately 1.5 million were filed under a stolen identity. The total amount of claimed refunds under those identity theft returns is estimated at over $5.2 billion. While historically a problem with individual income tax returns, the incidence of stolen identity business and charity returns is also on the rise. In addition to simply feeling violated, affected taxpayers then have the joy of working with the IRS to correct the problem and having to spend many hours to
eventually receive the refund to which they were entitled.