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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
Capital loss carryover
A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted from capital gains of later years plus up to $3,000 of ordinary income.
