Fleet Management News & Business Info | Commercial Carrier Journal
Issue link: http://read.dmtmag.com/i/741858
EXECUTIVE DIRECTOR, ETRUCKERTAX BY DENNIS BRIDGES I dentity theft of every kind is sweeping the country like wildfire, and it seems the best that can be hoped for is damage control. Identity the can be defined as the purposeful assuming of another's identity, most oen to obtain financial benefit such as credit, goods and services, or actual financial accounts. In our CPA firm, we must go to extraordinary lengths in our IT protection and also filing process to help prevent one of the most far- reaching forms of identity the, the filing of fraudulent tax returns. Tax-related identity the occurs when someone uses your stolen Social Security Number to file a tax return claiming a fraudulent refund. Unfortunately, fraudulent refunds are growing at an alarming rate. Two years ago, for the tax year 2013, fraudulent refunds were at about $6.5 billion, according to the IRS's own figures. e number of taxpayers that filed identity the claims was 2.7 million. Due to outdated systems and budget cuts, the IRS projected it would experience over $21 billion in fraudulent refunds for 2016. While the IRS has committed substantial resources to heading off the huge growth in fraudulent refunds through identity the, it still has an uphill battle. e current IRS requirement for e-filing returns may have worked against it. is is because all that is required to e-file a return is a taxpayer's name, date of birth, and Social Security Number. e fraudulent refund may be deposited into the designated bank account in two weeks or less. us, the refund is issued before there is any kind of "red flag" or reason for alarm indicated. According to credit-reporting agency TransUnion, two of the major causes of identity the are not checking your mail regularly, and hacking of online accounts. is is a double concern for professional drivers who spend substantial time on the road, especially if there is not a spouse or significant other to check mail daily. If a spouse, significant other, or partner is not in the picture, we strongly encourage enlisting the help of a trusted friend or relative to either receive all mail at their address, or check it daily at your address. for Identity Theft 18 IT MAGAZINE Vo l . 1 0 , N o . 6