The Internal Revenue Service (IRS) has discovered a new scam where taxpayers are receiving cardboard envelopes primarily from a delivery service asking people to send in photos and bank account information. Once this is done, the fraudsters are promising that the Service will release unclaimed tax refunds.
The letters all have the IRS Masthead. Similar schemes have also been discovered using emails and texts. The scams ask taxpayers to email or call with details.
The information requests include awkwardly worded requests such as…
“A Clear Phone of Your Driver’s License That Clearly Displays All Four (4) Angles, Taken in a Place with Good Lighting.”
“(You’ll Need to Get This to Get Your Refunds After Filing. These Must Be Given to a Filing Agent Who Will Help You Submit Your Unclaimed Property Claim. Once You Send All The Information Please Try to Be Checking Your Email for Response From The Agents Thanks”
The letters also include other oddities such as the incorrect filing deadlines for income taxes.
It should be noted that getting the information necessary to steal income tax refunds and clone identities has become a big business. The IRS hasn’t sent out information on the enormity of the problem for several years.
The last info they released showed that almost 5% of the personal income tax returns processed by the Kansas City offices were fraudulent. Given the fact that this Service Center handles millions of returns and is only one of many, you begin to realize how large this problem has become.
Don’t provide your information to anyone who isn’t duly authorized to receive it. Be careful. If your identity is cloned, convincing the Service that you are who you are takes a significant amount of time and a mountain of paperwork.
Let me leave you with this.
The most recent reports on the labor markets show that they remain relatively strong. June’s unemployment figures decreased to 3.6% while May’s were at 3.7%.
This will keep pressure on the Federal Reserve Board to raise interest rates at their next meeting to be held July 25th and 26th. The consensus is that this will be another quarter point rate hike, putting their benchmark Fed Funds Rate between 5.25% and 5.5%.
The question becomes when will these rate hikes end. The labor markets remain strong and inflation has come down significantly, but still isn’t near the Fed’s target of 2% – 3%.
The most recent corporate borrowings I’ve seen have had an interest rate between 8% and 11%, depending on the risk involved and security provided. These rates will probably increase in the short run.
These interest rate increases are providing opportunities, as the price of real estate and other business opportunities have come down. The cost of capital shouldn’t stop you from attaining your dreams.
As long as the deal works from a cash flow standpoint, the higher rates you need to pay today shouldn’t hinder you. The rates will come down, and you should be able to refi out of the position. In time, this would make the deal even more profitable.
We’re all going to get through this. Let’s get through it together.
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Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.AccountingSolutionsLtd.com
www.SalarySolutions.net
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