Beware the Tax Scam!

As tax day approaches, we wanted to take this opportunity to remind everyone to be wary of possible tax scams.  Scams surge at certain times during the year, and investors need to be alert for IRS imposters looking to take advantage.

Tax scams, scam alerts, fraud, and their impact on Financial Planning image for family business investment advisers McRae Capital Management.One of the most common tax scams is by phone.  The caller states they are from the IRS and that you owe back taxes.  They may threaten you with arrest and demand that you pay immediately.  These imposters are well trained and use the element of surprise to catch you off guard to get you to release personal information and money.  Don’t be fooled.

The IRS only makes initial contact regarding tax issues by US mail, never by phone, email, text message or social media.  Do not give out any personal information if contacted by any communication other than US postal mail.  Scammers may give you a number to call so you can make payment. Do not call that number.  If you have any questions, call the IRS directly.

You may also receive phony IRS notices via email.  These notices are professionally done and look authentic.  There has been a recent scam via email that references the Affordable Care Act that attempts to get you to send money for amounts you do not owe.

The IRS will not initiate contact with you by phone, email, or social media.  They will never ask for personal financial information by email.

Do not click or respond to any suspicious communication you may receive.

If you have any questions, never hesitate to call us. We can help get you the correct phone number at the IRS so you can ask them any questions directly.

Please click on the links below for some more tips on protecting your identity and avoiding scams.

Cyber Security:  Recognizing Scams
Cyber Security:  Protecting Yourself

 

This article originally appeared as an email to McRae Capital’s clients. If you have any questions or concerns about tax scams, or anything else you would like to discuss with us, please don’t hesitate to give us a call.