Please enter your email address to receive a password reminder.
Log into Tax-News+
The Internal Revenue Service is improving how it identifies fraudulent tax returns involving identity theft but needs to make some additional improvements, a report from the Treasury Inspector General for Tax Administration (TIGTA) says.
TIGTA noted that the IRS has begun to explore additional initiatives that would assist with its overall detection and prevention efforts. These have included convening the Security Summit with the tax preparation industry and coding Forms W-2, Wage and Tax Statement.
With IDT evolving and becoming more sophisticated, the IRS has initiated an Identity Theft Taxonomy research project, to measure the efficacy of its efforts and identify potential improvements.
Commenting on the findings of its latest review, TIGTA said the IRS should take additional steps to more accurately estimate the extent of IDT. These estimates, it said, could then be used to point towards extra initiatives that might assist in tackling the problem.
TIGTA said that the volume of potentially fraudulent tax returns that go undetected is falling and agreed with the IRS measures to support the agency's efforts.
IMPORTANT NOTICE: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
All rights reserved. © 2017 Wolters Kluwer