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January 23, 2014 11:24 am
Beware Tax Scams
With tax seasons comes the advent of tax scams by email and phone, including text messages. The IRS cautions taxpayers to be wary at this time of the year. Here are some pointers to help you:
- The IRS does not initiate contact with taxpayers by email to request personal or financial information.
- The IRS never asks for personal identification numbers.
- The IRS does not ask for access information to credit cards, bank accounts, or other financial accounts.
- Do not open any attachments or click on any links from bogus communications.
If you have any questions about a communication purported to come from the IRS, call the Service at 800-829-1040 for confirmation.
Source: IR 2014-5
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Tax Glossary
Withholding
An amount taken from income as a prepayment of an individual’s tax liability for the year. In the case of wages, the employer withholds part of every wage payment. Backup withholding from dividend or interest income is required if you do not provide the payer with a correct taxpayer identification number. Withholding on pensions and IRAs is automatic unless you elect to waive withholding.
