According to the TIGTA report, most taxpayers will realize they have been a victim when the IRS sends them a notice alerting them that there is a discrepancy in the income reported on their tax return and the information the IRS received through its Automated Underreporter Program. It seems the IRS would be in a position to notify affected parties, however, according to TIGTA, the IRS has not developed a process to ensure that the Social Security Administration is informed of any fraudulent wages that they find.
TIGTA has since recommended that the IRS develop a process to identify all victims of employee-related identity theft and include those identified before 2017. The IRS has agreed to launch a new notification process March 15, 2017, and will evaluate the process after the first year and decide how to handle previously identified victims.
By Lawrence Yee, CPA
You're Invited! Annual Not-For-Profit Accounting Update
Thursday, September 26, 2019
Hosted at Detroit Historical Museum
Save The Date!
Middle Market Manufacturing Outlook
Wednesday, October 23
Hosted at the Detriot Athletic Club
7:30 AM - 11:30 AM