I watched a segment on 60 Minutes tonight that covered the wildly - TopicsExpress

I watched a segment on 60 Minutes tonight that covered the wildly increasing fraud of filing fake tax returns. A few of our clients have been hit by this, something we dont find out about until I e-file an income tax return and learn that one has already been filed and a refund paid out. A fraudster buys or steals someones name, social security number, and birthdate (all readily available on the Internet) and files a tax return as soon as the filing season opens (usually around the first week in February. The refund is either mailed or electronically deposited into a bank account or a prepaid credit card. By the time the real person files a return, the PO boxes, bank accounts, and prepaid credit cards are long gone. It takes months to sort this out. If a large refund was due to the real person, it gets held up for that entire time, which can be a real problem if it has been planned for. To prevent a recurrence, the IRS mails a 6-digit PIN that must be used for future tax returns. Three things need to change to snuff this out: 1) Reporting of W-2s and 1099s (that have withholding) needs to be moved up from March 31st to January 31st. This would allow matching of documents with what is reported on the tax returns. Currently, the fraudsters make up the information from W-2s and the IRS doesnt know better. 2) The use of PINs for e-filing tax returns should be expanded to all returns. The trick will be to get these PINs to taxpayers securely. If everyone in town received mail on the same day from the IRS with PINs enclosed, thieves might anticipate this. Another way would be to have the taxpayers (or tax preparers) call or log in to an IRS secure server to obtain a PIN in exchange for some information from a past tax return that would be unknown by a fraudster. 3) Paying out refunds on prepaid credit cards should be stopped. This is not a third world country. Everyone can open a bank account. cbsnews/news/irs-scam-identity-tax-refund-fraud-60-minutes/

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