Thomson Reuters has released a special report, What to Do If Your Client is a Victim of Tax-Related Identity Theft, which provides helpful guidance for tax professionals advising victims of tax-related identity theft.
Identity theft continues to be one of the fastest growing crimes in America. According to a September 27, 2015 Bureau of Justice Statistics press release, 17.6 million U.S. residents age 16 or older were victims of at least one incident of identity theft in 2014, compared to 16.6 million in 2012.
“There is no doubt that tax-related identity theft will continue for the foreseeable future,” said Trenda Hackett, technical editor with the Tax & Accounting business of Thomson Reuters and author of the report. “As your client’s trusted advisor, knowing how to advise and navigate them through the resolution process is a great way to demonstrate value.”
Last year, the Federal Trade Commission cited tax-related identity theft as the most commonly reported form of identity theft for the sixth consecutive year. An IRS report published early this year also indicated that more than 1.3 million taxpayers’ accounts had been targeted, of which 724,000 were fraudulently accessed for ID theft.
This report will help practitioners and taxpayers understand trends, tax fraud schemes, and developments for this growing crime. It also explains: