It’s tax (fraud) season again. How safe is your Personally Identifiable Information?

The IRS continues to crack down on tax refund fraud; scammers keep finding ways to steal your money and your identity. Cybersecurity is top of mind to help prevent financial disaster. We have some ways to protect yourself and your Personally Identifiable Information (PII).

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Last tax season, the Internal Revenue Service (IRS) reported $46 million claimed in fraudulent refunds and confirmed 2,204 falsified tax returns involving identity theft. Partnering with state tax agencies and tax professionals – including tax preparation firms, software developers, payroll processors, and financial institutions – the Security Summit was formed with the goal to combat identity-theft-related tax refund fraud.

Phishing emails may entice you with a link to review your tax file or check the status of your refund. They may ask that you send additional information or documents to complete the filing of your return. Beware of emails like these and do not click links or download/upload any documents or files.

Ensure your tax professional is legitimate. Many are turning to online tax preparation services at a discounted rate. If it seems too good to be true, you should look for their Preparer Tax Identification Number and verify their credibility. Do not turn over any tax documents or personal information until you have verified your tax preparer.

Stay vigilant. And when in doubt, give us a call at Newave.

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