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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
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
