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Tax Identity Theft Week

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Monday, January 30, 2023

What is tax identity?

Your Tax identity is a unique set of parameters that both federal and state agencies used to keep track of the people living in each state, or the United States as a whole. Your 9-digit social security number (S.S.N.) is one of the most important numbers you have. Some folks have a separate and issued tax identification number (T.I.N.) Your S.S.N. or T.I.N. is a unique number to you. Both numbers can track your income and spending. These numbers are also the key to getting hired and opening a bank account to receive your wages.

Tax Identity Theft Week happens every year and begins on the last Monday of January. It lasts for five days. This year, it takes place from January 30 to February 3. 

What is Tax Identity Theft?

As we moved into a more digital age, some criminals have figured out how to get past security protocols and hacked into systems that had people's tax information. Once they were in the system, they were able to get Social Security numbers and unique tax identification numbers. The IRS has expressly warned the public about tax identification fraud. The most common motive for tax identity theft is to get a fake tax refund by filing a false tax return. People in the United States have been scammed out of a lot of money and access to government services.

Tax identity theft week is an initiative to help people protect their identities as well as to report anyone who is suspected of using any fake identification. Covid-19 seems to have increased identity theft across the board, and tax identity theft is skyrocketing! According to the federal trade commission, the FTC tax-related identity theft reports are up 45 percent compared to before the global pandemic. In 2021 they were more than 1.4 million reports of identity theft around the country and tax-related identity theft is increasing. Text identity theft is most common during tax filing season so keep your eyes and ears open.

“Keep your tax identity secret so that you are not robbed,” says Rafe Klein, Senior Vice President, Investments for David Lerner Associates “Identity theft can happen in many ways. Make sure you are protected.”

Protect all of your personal financial information and keep it safe to avoid identity theft and any subsequent fraud or scams. For more information about Tax Identity Theft Week visit their website.


IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. 

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable— we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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