The 2014 budget plan under President Barak Obama is expected to include ideas on how to combat increases in identity theft. According to White House officials, the attention is being directed at those cases occurring through tax returns.
The budget, which at press was scheduled for an April 10th, 2013 unveiling, establishes penalties in the neighborhood of $5,000 specifically for this kind of identity theft. The budget, in effect a law, will address this issue by:
- Curtailing the availability of US Social Security death records.
- Removing the requirement that US employees must put their Social Security Numbers on their employer-kept W-2 forms.
This information was leaked early, and the informant refused to be identified – therefore the information cannot be corroborated. However, officials have yet to dispute it.
This has been an ongoing initiative within the Internal Revenue Service, which for the past several years has been working towards the prevention and punishment of fraud associated with tax-returns. As stated, the most common method of accessing sensitive information is by death records and employer payroll files, and those individuals with access to this information can create fraudulent returns in advance of the actual individual filing the real ones – and thereby stealing their refund.
This is a real problem. During 2012, complaints in this arena rose 78% as compared to 2011, topping 450,000 cases. Could you be one of them? It’s certainly possible. If you’re military, there’s good news. When you realize that something like this has occurred, you can apply for a fast military loan to cover your bases while you wait for your claim to be sorted out. As we all know, the IRS can take a while.
Active, retired, and reserved military servicepersons can get a fast military loan right online, with low credit or no credit. As long as you’re in the service, or as long as you were in the service, you’re qualified. You can get approved instantly, so there’s no significant damage caused by your tax return suddenly being unavailable. You’ll have your loan before the refund deposit would have gone in, anyway. Once you get your situation straightened out, and the refund arrives in the hands of its relieved owner (that would be you), then you can repay the loan – or just put the money in the bank and pay back the loan over time.
