Tool Aims to Combat Identity Theft-Related Tax Fraud

From Accounting Today:

Tascet has released technology that it said tax preparers can use to prevent multiple filings of tax returns by fraudsters.

Identity theft-related tax fraud has been a growing problem for the Internal Revenue Service in recent years and has sparked several congressional hearings (see Congress Probes Tax Prep Fraud and Identity Theft and IRS and Social Security Urged to Curb Tax Fraud and Identity Theft). Treasury Inspector General for Tax Administration J. Russell George recently testified that up to $26 billion could be lost to tax identity fraud over the next five years. The filing of multiple false tax returns by the same individual presents the biggest challenge. The IRS reported that in 2011 approximately 940,000 tax returns with $6.5 billion in refunds involved identity fraud.

Click to read the full article from Accounting Today.

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