IRS Related Identity Theft

Intro 
Welcome to the Ask Ralph podcast, where listening to an experienced financial professional can help you make sense of confusing questions, current headlines and industry trends about taxes, small business, financial decision making, investment strategies, and even the art of proper budgeting, as Ralph makes the complex simple by sharing his real world knowledge with all things financial. Now, here's your host, Ralph Estep Jr. 

Ralph Estep, Jr. 
Welcome back to another episode of the Ask Ralph show. I'm your host Ralph Estep Jr. And today we have an important topic to discuss, and that is IRS related identity theft. And if you've ever been a victim of this, you know how terrible this really can be. This is a growing concern for many individuals and it's crucial to know how to respond if you ever find yourself in this situation. But before we dive into that, I want to remind all of our listeners to share this podcast with their friends and family. We love spreading helpful information and would appreciate your support. Also, don't forget to visit our new podcast podcast page at www.askralphpodcast.com, where you can leave us a review or even a voicemail, which is kind of cool technology, with any questions or suggestions you have for the show. 

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Ralph Estep, Jr. 
Well, let's get started, folks. Today's episode is brought to you by Saggio Management Group, your trusted partner in financial management. Identity theft is a serious issue that can cause significant financial and emotional distress. When it comes specifically to IRS related identity theft, it means someone has used your personal information without permission for fraudulent purposes involving your taxes. We sometimes see this in our practice where we'll file a client's tax return and then we'll get a kickback at the time that we e file and say, we've got a problem here, folks. Someone has already filed a tax return under these Social Security numbers, or one of the Social Security numbers, or sometimes it's even one of the dependent Social Security numbers. So what should you do if the IRS contacts you? Suspecting identity theft here are some concrete steps you can take. Number one, and this is the most important respond promptly. If the IRS sends you a notice regarding suspected identity theft, don't ignore it. Take immediate action by following their instructions on how to respond. If you ignore these notices, it could lead to further complications down the line. So that's the most important thing. Number one, respond promptly. Number two, contact the IRS. You need to reach out directly to the IRS using their designated phone number or address provided in the notice they sent you. Explain that you believe that your identity has been stolen and provide any relevant information they may request from you. So that's the step number two. Number three, complete form one, let's get tax wonky here for a minute. That is the actual IRS form for identity theft. So like I say here, the next step is filling out form. You can find that right on IRS Gov. It's the identity theft affidavit. It's available on the IRS website or by calling them directly. This form helps the IRS verify your identity and investigate the fraudulent activity. And number four, and this is know another thing that you might not considered, but it's something you really need to be considerate of in these days, and that is protect your identity. While dealing with the IRS related identity theft, it's crucial to take steps to protect your personal information. Well, how do you do that? Well, you can monitor your credit report regularly. Consider placing a fraud alert or credit freeze on your accounts, and be cautious of phishing. That's the P-H-I-S-H-I-N-G attempts or suspicious emails asking for personal information. So since we've brought that up, protecting your identity, let's talk about some ways to prevent identity theft in the first place. So here are some proactive measures you can take. Number one, safeguard personal information sort of goes without saying, doesn't it? Keep important documents containing sensitive information secure, such as your Social Security cards, tax returns and financial statements. Shred any documents you no longer need before disposing of know. This is kind of no brainer stuff, isn't it? But you need to safeguard your personal information. Number two, be wary of scams. Be cautious when sharing personal information online or over the phone. The IRS will never contact you via email or social media asking for personal details or payment information. I always get a kick out of it when I get one of those social media inquiries from someone that says they're from the IRS, because I absolutely know better. Number three, use strong passwords. What you really need to do is create unique and strong passwords for all of your online accounts and update them regularly. Consider using a password manager to help keep track of multiple passwords securely. Other thing I would highly recommend is what they call multi factor authentication. Basically, if you've ever set up an account, you give them a username and password and then they send you a text or there's some sort of device that you have on your phone, like Google Authenticator is one of them, where it's going to send you a text message or you have to enter a code. Very important, very important idea. And number four, consider identity theft protection services. There are reputable services available that provide identity theft protection by monitoring your credit reports, alerting you to potential threats, and assisting in resolving any issues that arise. I have a lot of clients that use Norton. I think it's called Norton 360 and it will alert you if anybody makes a credit inquiry. And this is really important in this day and age, it's very important to honor your credit. First of all, I did a podcast on that, but secondarily protect your credit. Remember that prevention is key when it comes to protecting yourself from identity theft related to taxes or any other aspect of your life. By taking proactive measures and staying vigilant, you can greatly reduce the risk of falling victim to this type of fraud. Well, I know we've covered a lot today, but that wraps up today's episode of Ask Ralph Show. I hope this discussion provided valuable insights into how to respond if the IRS suspects identity theft and ways to prevent it from happening in the first place. Like I said before, don't forget to share this podcast with your friends and family. Remember, visit our new podcast page at www.askralphodcast.com where you can leave us a review. Or like I said, cool technology. You can actually leave us a voicemail and again, this podcast is brought to you by Saggio Management Group, your trusted partner in financial management. So as I sign off, my friends stay safe and stay protected. 

Outro 
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