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Signs of Small Business Identity Theft

The IRS recently issued a warning that small business identity theft has become a big business and the fraudsters methods of stealing your information have become more sophisticated. They now know the tax codes and filing practices, two tools to aid them in stealing your information. The IRS warns of five signs that you may have been a victim of identity theft:

• The IRS rejects an e-filed return saying it already has one with that identification number.
• The IRS rejects an extension to file request saying it already has a return with that identification number.
• The filer receives an unexpected tax transcript.
• The Filer receives an IRS notice that doesn’t relate to anything they submitted.
• The filer doesn’t receive expected or routine mailings from the IRS.

The filer should contact the IRS if they experience any of the above issues.

Please consult your tax advisor on all the above issues.

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