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March 29, 2012 3:44 pm
Combating Identity Theft
The Senate Finance Committee learned that the number of identity theft cases that the IRS received between 2009 and 2011 nearly tripled. To better protect taxpayers, one senator introduced the Identity Theft and Tax Fraud Prevention Act. This measure would enable the IRS to better detect tax fraud and protect taxpayers from identity theft.
Something needs to be done to thwart identity theft. This year, tax refunds have been delayed because the IRS has been implementing steps to ensure that the refunds are legitimate and not the product of identity thieves.
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Tax Glossary
Estimated tax
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.
