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Watch Out for Telephone Tax Scams This Year

The elderly are exposed to all different types of possible financial fraud, and unfortunately, tax scams are on the rise. Telephone tax scams have become extremely prominent in recent years and despite the fact that there have been featured in the news media and warnings from the federal government, it is tempting to want to deal with these tax situations sooner rather than later. Chances are though, however, that the IRS is not calling you directly. 

Some of the most common forms of these telephone tax scams right now, tell a person that they are going to be prosecuted if they do not make a payment immediately. Tax scams ate always on the rise nearing tax season, particularly any phone calls that threaten criminal prosecution, lawsuits or police arrest.

The IRS says to avoid giving any personally identifying information over the phone. More than likely when the IRS reaches out to a person who has a tax issue, this will be done in writing and will come on official IRS letterhead. Over the phone, people may threaten you and try to encourage you to give personal identifying details, such as your bank account, to make a payment. But this is not the IRS. Many of these criminals impersonate IRS agents and promise you a big refund if you give them private information.

According to the Treasury Inspector General for Tax Administration, reports that were filed with that agency have led to more than $54 million in payments from victims to these phone scams. Being aware of these scams is one of the best ways to protect your assets from being decimated, now or in the future. If you have concerns about how to protect your assets appropriately, schedule a consultation with an experienced estate planning lawyer today.



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