Identity theft is a growing problem in the world today. How does it happen to taxpayers? Usually an identity thief will use your SSN to file a false return early in the year. Then when you file your taxes, you learn one has already been filed with your ID. The Taxpayer Guide to Identity Theft from the IRS gives some tips for taxpayers. Some of the warning signs to look out for include:

• More than one tax return was filed with your SSN;
• You owe additional tax, refund offset or have had collection actions taken against you for a year you did not file a tax return;
• IRS records show that you received wages from an employer unknown to you.

Some steps to take if you become a victim

• File a report with the local police.
• File a complaint with the FTC.
• Contact one of the three major credit bureaus to place a fraud alert on your credit records.
• Close any account opened without your permission or that have been tampered with.

This is one reason why we recommend filing your tax return earlier in the year.  For more information, give us a call at 770-888-7700 or contact us. REMINDER: The corporate filing deadline and extensions are due March 16, 2015. Not filing extensions for S Corporations can cost major penalties.