Tax fraud fears on the rise in America

More than two-thirds of U.S. consumers are concerned about tax fraud and identity theft this year, according to a recent survey. Their fears are well-founded: More than one-third reported having had their identity stolen in the past.

The burden of increased digitization of financial and general communication infrastructure is cyber security. While going paperless is faster, more efficient and more convenient for accountants, their clients, and everyone in between, security must remain a central consideration as firms go electronic. The IRS has issued several alerts about tax scams warning of a 400 percent surge in phishing and malware incidents this tax season, including a surge in W-2 phishing and TurboTax hacking attacks.

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Better Business Bureau warns of QuickBooks phishing scam

The Better Business Bureau Northwest is sounding the alarm about a new email phishing scam targeting users of Intuit’s QuickBooks accounting software.

Victims receive an email in their inbox with the subject line, “QuickBooks Support: Change Request.” The email claims to be a confirmation from Intuit that a business has changed its name and contains a hyperlink that the recipient can click on to cancel the request.

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Federal Student Tax Scam

ScamAlertThe IRS has issued a warning to taxpayers about bogus phone calls from people impersonating agency employees who demand payment for a non-existent tax that is referred to as the “Federal Student Tax.” (IR 2016-81) While the filing deadline has passed, scammers continue to use varied strategies to trick people, IRS said, adding that, in this case, students are being targeted. As described by the agency, if the victim does not react quickly enough to the demand for this fake “federal student tax,” the scammer threatens to report the student to the police. “These scams and schemes continue to evolve nationwide, and now they’re trying to trick students,” said IRS Commissioner John Koskinen. “Taxpayers should remain vigilant and not fall prey to these aggressive calls demanding immediate payment of a tax supposedly owed.” For further information, go to https://www.irs.gov/uac/newsroom/irs-warns-of-latest-scam-variation-involving-bogus-federal-student-tax.