Form 1040 and Social Security

Tax season can be an important moment for individuals, families, and businesses to re-think their books, but they are not the only ones thinking about their finances.

 

Scammers and thieves routinely use the tax season to target taxpayers, often using official-looking correspondence that bear the logo and seal of the IRS.

 

Avoid these scams by heeding the Internal Revenue Service's own advice:

 

  1. Know that the IRS does not demand specific payment methods such as wire transfer, gift cards, or Bitcoin.
  2. Know that the IRS does not threaten specific punishments in the absence of immediate payment. Even in cases where an obligation is owed, there are options (e.g., installment agreement, offer in compromise, &c.).
  3. When in doubt, reach out. Contact the IRS and verify whether your account requires further attention. The IRS maintains a number of methods to reach them depending on the nature of the inquiry.

 

An additional protection against scammers is to retain the services of a tax professional. By entrusting these matters to the sound judgment of a professional, you may safeguard yourself from costly mistakes. Even if your tax season consists of a single 1040 or 1099, relying on the guidance of a professional tax preparer can help to save money and peace of mind!