NOVEMBER 2013
Khaas Baat : A Publication for Indian Americans in Florida
Accounting/Finance

TAX TALK – IRS RESOURCES FOR Identity Protection

bY SURESH KUMAR, CPA

Identity theft is increasingly becoming a frustration and cumbersome process for the victims. Identity theft often starts outside of the tax administration system when someone's personal information is stolen or lost. Identity thieves may then use a taxpayer's identity to fraudulently file a tax return and claim a refund. In other cases, the identity thief uses the taxpayer's personal information in order to get a job or apply for a loan or credit card. The legitimate taxpayer may be unaware that anything has happened until they file their return later in the filing season and discover two returns have been filed using the same Social Security number. Below are some of the resources and tips available from the Internal Revenue Service:

Below are some steps that may be taken to minimize the chance of becoming an identity theft:

Check your credit report every 12 months.

Secure personal information in your home.

There are various limitations and thresholds for many of the tax deductions. Please consult your CPA/Tax attorney/or tax consultant for proper guidance with the above subject matter.

DISCLAIMER: In accordance with IRS Circular 230, the above information is not intended or written to be used, and cannot be used as or considered a "covered opinion" or other written tax advice and should not be relied upon for the purpose of avoiding tax-related penalties under the Internal Revenue Code; promoting, marketing, or recommending to another party any transaction or tax-related matter(s) addressed herein; for IRS audit, tax dispute or other purposes.

Suresh Kumar, CPA, MBA is the Principal of Kumar Consulting, PA, a CPA & Consulting firm licensed in the states of FL, KS, and MO and can be reached at (813) 421-5068, e-mail info@kumarconsultingcpa.com or visit www.kumarconsultingcpa.com

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