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Who’s giving crooks your tax information? Could be your preparer–or your boss

March 3, 2016 By Liz Weston

fraud, scam, theftThe IRS is reporting a 400 percent increase this year in malware and phishing scams as crooks try to get their hands on your tax data. Some of the scams target tax preparers, with emails that try to fool them into downloading bogus client documents or clicking on supposed links to the IRS. And some of the bad guys are going straight to your boss, reports the National Association of Enrolled Agents:

As if there weren’t already enough schemes out there to steal your identity, crooks have a new scam involving gaining access to employees’ tax forms W-2. In this scenario, emails are sent to human resources departments, supposedly from high-ranking company executives, requesting W-2s for a list of employees. Those forms have personal data that includes social security numbers. The scam was successful recently at Snapchat, a social media company in Venice, CA. Someone posing as Chief Executive Evan Spiegel requested W-2 data for nearly 700 current and past employees. Shortly after the information was sent, the HR employee became suspicious, but the information was already in the wrong hands.

Some of the stolen data is used to file phony tax returns and collect refunds. Other times it’s used to fuel imposter scams, where criminals posing as IRS agents threaten you with lawsuits or jail. Keep in mind that your first contact with the IRS over a problem won’t be a phone call or an email. The agency still uses old-school snail mail to notify taxpayers of problems.

 

Filed Under: Liz's Blog Tagged With: IRS, refund theft, tax fraud, tax refund theft, Taxes

Thursday’s need-to-know money news

March 3, 2016 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: What adding 100 points to your credit score means for your finances. Also in the news: How to finance your dream home improvement projects, how your boss can help you reduce your student loan repayment timeline, and why you should be treating your income like you do your investments.

What Adding 100 Points to Your Credit Score Could Mean
Is it a game changer?

6 Ways to Finance Your Dream Home Improvement Project
Without turning your home into a money pit.

Here’s how fast you can pay off your student loan with help from your boss
Your repayment timeline could could get shorter.

Are You Diversifying Your Income? You’d Better Start.
Treating your income just like your investments.

Filed Under: Liz's Blog Tagged With: Credit, Credit Score, financing, home improvement, home remodel, income diversification, Student Loans

How Much Debt Is Too Much?

March 2, 2016 By Liz Weston

crop380w_istock_000009258023xsmall-dbet-ball-and-chainIf you think the answer is simple, you may not understand the question.

That’s often true in life, but particularly so when we’re talking about debt. Simplistic, one-size-fits-all answers actually suit relatively few real people.

At one extreme are those who curse debt as a four-letter word and vow to avoid it entirely. At the other are those who revel in the notion of using “other people’s money” as much as possible.

In my latest for NerdWallet, how to use debt, rather than be used by it.

Filed Under: Liz's Blog Tagged With: Paying Off Debt, personal finance

Wednesday’s need-to-know money news

March 2, 2016 By Liz Weston

hidden-fees1Today’s top story: Why personal loans with no credit checks are a very bad idea. Also in the news: What business expenses are tax-deductible, free apps to track your spending, and when it makes sense to hire a tax preparer.

Personal Loans With No Credit Check: A Very Bad Idea
If it seems too good to be true, it is.

What Business Expenses Are Tax-Deductible?
What small business owners need to know.

12 Free Apps To Track Your Spending And How To Pick The Best One For You
Tracking at your fingertips.

12 Times When It Makes Sense to Hire a Tax Preparer
When it’s time to call in the big guns.

Filed Under: Liz's Blog Tagged With: credit check, payday loans, Personal Loans, spending apps, spending trackers, tax deductions, tax preparer, Taxes

Tuesday’s need-to-know money news

March 1, 2016 By Liz Weston

taxesToday’s top story: What you need to look for in a tax professional. Also in the news: Banks made $11 billion dollars in overdraft fees in 2015, strategies for starting out with student debt, and how to balance saving for college and retirement.

What to Look for in a Tax Professional
Finding the right person to trust.

Banks Made $11 Billion From Overdraft Fees Last Year
How much of it was yours?

Strategies For When You’re Starting Out Saddled With Student Debt
Starting off on the right foot.

Balancing Act: Strategically Saving For College And Retirement
Finding a way to do both.

Filed Under: Liz's Blog Tagged With: banking, overdraft fees, Retirement, saving for college, saving for retirement, Savings, student debt, Student Loans, tax professional, Taxes

Monday’s need-to-know money news

February 29, 2016 By Liz Weston

invest-emergency-fundToday’s top story: How to build an emergency fund. Also in the news: Social Security mistakes to avoid, the best way to save for a down payment on a home, and what happens when your 401(k) gets too big?

How to Build an Emergency Fund
Creating a financial buffer.

Don’t Make These 3 Social Security Mistakes
Social Security isn’t one size fits all.

The best way to save for a down payment
Where you should keep your money before making a purchase.

Can your 401(k) account be too big?
How to avoid penalties and extra taxes.

Best Leap Day Sales and Deals of 2016
It only happens once every four years!

Filed Under: Liz's Blog Tagged With: 401(k), down payments, emergency fund, Leap Year, real estate, Savings, Social Security, Social Security mistakes

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