Life Business and Money

Life Business and Money - Identity Theft From My Tax Return?

Steven Kay

Steven Kay

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With the continued increase of electronic filing of tax returns, it’s also become increasingly troublesome that more and more people are losing their identity due to a lack of increased security as it relates to the submission of taxes filed online.  Although Congress is working towards reviewing what’s been going on at an alarmingly high rate, one of the major causes of this has been what’s termed as the “Phantom Preparer.”  Recently the IRS has made great strides in attempting to regulate tax preparers with what’s called a Preparer Taxpayer Identification Number or PTIN.  This PTIN designation is an avenue for which financially compensated preparers are checked against their social security number for potential fraud in filing prior false returns, are required to have continuing education on an annual basis, as well as adequate testing to help prevent potential errors that are so common on individual returns.
 
 
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