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August 7, 2009 12:00 am
Identity Theft Scams: IRS Says Beware
The IRS has warned consumers to steer clear of any identity theft scams that use the IRS name, logo, or website to convince them that the communication comes from the government. The scammers want your personal information so they can use it to obtain credit in your name (identity theft). The scams can be via email (called “phishing”), fax, or telephone. Recent scams include:
- Making work pay refund
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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.
