Financial influencer Taylor Price recently appeared on ‘Varney & Co.’ to discuss how individuals can shift their mindsets in order to build wealth and achieve the American dream. While many people aspire to financial success, there are significant challenges to navigate, especially during tax season.
As the deadline for filing tax returns approaches, leaders from Congress’ Joint Economic Committee (JEC) are raising alarms about scams targeting unsuspecting taxpayers. With the tax filing deadline set for April 15, fraudsters are expected to ramp up their efforts to exploit individuals during this critical period. Recent reports indicate that nearly one in four Americans has fallen victim to tax season scams, which have proliferated alongside advancements in artificial intelligence and deepfake technology.
The JEC has released an advisory highlighting several critical tips for taxpayers to recognize and avoid potential scams. Primarily, it is essential to be cautious of IRS impostor scams that may originate through phone calls, emails, or text messages featuring spoofed caller IDs. Taxpayers should remember that the IRS typically initiates communication through official mail and seldom uses social media or digital messaging to demand payments.
Individuals receiving suspicious messages should avoid scanning QR codes or clicking on links, as these could direct them to malicious websites or contain harmful software. Any outreach that appears urgent or threatening and requests personal identification or non-traditional payment methods serves as a significant red flag.
If taxpayers have any doubts about the authenticity of a communication allegedly from the IRS, they should verify it by calling the IRS help line at 800-829-1040 or by creating an IRS online account. Additionally, checking the legitimacy of websites is crucial. Taxpayers should look out for misspelled URLs or other signs that may betray fraud.
Another area of concern involves third-party tax preparer scams. Taxpayers should be wary of preparers requesting exorbitant upfront fees or promising unusually high refunds. It is advisable to research unfamiliar tax preparation companies via platforms like the Better Business Bureau and ensure that preparers disclose their Preparer Tax Identification Number (PTIN), which can be verified through the IRS website.
The warning from the JEC, led by bipartisan leaders including Rep. David Schweikert and Sen. Maggie Hassan, aims to foster awareness about these scams and protect taxpayers as they navigate the complexities of tax season. As the filing deadline looms, both taxpayers and preparers are urged to stay vigilant against fraud attempts, ensuring their financial information remains secure.
