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Posts Tagged ‘IRS’

Stimulus Plan Attracts Con Artists

Ever heard of phishing? Phishing is a form of high-tech identity fraud, and the economic stimulus plan has created another opportunity for identity thieves to attempt to steal your personal information.

Phishing works like this: a hacker wanting to steal sensitive information (user names, passwords, account numbers, etc.) sends a victim an email disguised as a legitimate source. The email requests sensitive information or directs the recipient to a link that requires a user name, password, or account number. Unbeknownst to the victim, the hacker has manipulated the link within the email to appear to belong to a legitimate organization when, in fact, these manipulated links direct the victims to sites that collect user names, password, and account information for personal gain. Fact17_6030247_IDTheft

And now, thieves masquerading as IRS employees are sending emails to thousands of people telling them they are entitled to stimulus money. The emails instruct the victims to provide a bank account number so that the money can be transferred. Of course, the hackers take this information to make fraudulent withdrawals.

To shield against phishing, keep this in mind: A legitimate source will never request personal information via email. Never respond to emails that request personal information, and never provide sensitive information after clicking on a hyperlink, even if the website address appears legitimate.

If you have been a victim of ID Theft, comment and share your story.  The more we know about what is out there the better.  Please comment below!

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Economic Stimulus Might Cause Tax Problems

In its haste to pass an economic stimulus package, Congress might have caused a problem for more than 15 million taxpayers. Included in the stimulus package was a $400 tax credit for individuals and an $800 tax credit for married couples. To implement the tax credit, the legislation instructed the IRS to adjust withholdings so that fewer taxes were withheld from employees’ paychecks.

To make a complicated story short, the instructions to the IRS were faulty, meaning millions of taxpayers might have received a larger credit than they were entitled.

In other words, 15.4 million taxpayers might owe money on their 2009 returns, according to a report by the inspector general for tax administration. Still others will receive smaller refunds than they imagined.

If you suspect you might fall into either of these camps, you can either wait and see or change your withholdings for the rest of they year.   Either way, I recommend you talk to your Human Resource Manager if you need more information.

Assuming you do find that you are one of the 15 million people, comment below and share your story.

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