A recent report from the Government Accountability Office reported that while the IRS estimates it prevented $24.2 billion in fraudulent refunds in 2013, it actually paid out $5.8 billion in fraudulent refunds that it realized were fraudulent only after refunds … read more
If you’ve received a 5071C letter, the IRS needs more information to verify your identity in order to process your tax return accurately. The IRS will continue processing your tax return once your identity is verified. Follow the identity verification … read more
With tax season underway and scams running rampant, here are some tips to help you avoid becoming a victim of identity theft: The IRS does not initiate contact with taxpayers by email or social media tools to request personal or … read more
Financial headlines in the last several years have been filled with stories of investors whose losses have occurred as a result of Ponzi Schemes. In 2009 the U.S. Securities and Exchange Commission identified 20% of the fraud cases they investigated … read more
As a follow up to the Impact of Tax Fraud and Tax-Related Identity Theft blog that we posted in September, there is some new news in this area. The IRS issued a newswire that explains how they have been working … read more
It’s sad but true. Following major disasters and tragedies, scam artists impersonate charities to steal money or get private information from well-intentioned taxpayers. Fraudulent schemes involve solicitations by phone, social media, email or in-person. Scam artists use a variety of … read more
The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In … read more
National Taxpayer Advocate Nina E. Olson recently released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will focus on during the upcoming fiscal year. The report expresses particular concern about the taxpayer impact of … read more
I wish fishing scams didn’t go beyond over eager anglers breaking the rules in a fishing tournament. But that’s a different kind of fish story. This one’s a bit more serious. Phishing is a scam typically carried out by unsolicited … read more
Fraud seems to be prevalent throughout all areas of business these days, no matter the size or industry of a business. Big businesses have the resources to fund antifraud and internal controls necessary to prevent or detect fraud. Small businesses, … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
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