IRS Doubles Number of Taxpayers Whose Data May Have Been Stolen
Washington — The Internal Revenue Service said Friday that criminals attacking its website may have stolen sensitive personal information from more than twice as many taxpayers as initially expected. In total, cyber criminals may have accessed tax data for more than 700,000 taxpayers by hacking the agency’s “Get Transcript” tool, which allows taxpayers to obtain copies of previous tax returns, the IRS said. Criminals tried to use the...
Money Talk: Most People’s W-4s Are ‘Wrong’
Question: After being an unmarried couple for 15 years, we were married in February 2014. Though I sent this information to my company’s benefits department, I neglected to change my W-4 status from “single” to “married.” I’m crossing my fingers that when all is said and done, we have paid the correct taxes when we filed for 2014 (we filed jointly as married) regardless of what was withheld pursuant to the W-4. Or do I need to inform...
Why You May Wait Longer For Your Tax Refund This Year
Washington — In less than two weeks, taxpayers will be able to file their tax returns. But many taxpayers will have to wait longer to cash out their tax refunds thanks to new efforts from the IRS and state tax authorities to catch tax fraud. Last week, Illinois became the first state to announce that it will delay tax refunds to have more time to verify tax returns. State tax refunds won’t be issued until after March 1, the state’s...
Money Talk: Long Waits for IRS to Issue Refunds
Question: How long is too long for an IRS tax refund to be disbursed? I got my state tax refund in a matter of weeks. The IRS refund has been “under review” for almost five months. Answer: A sizable surge in tax refund theft as well as a database breach that exposed more than 300,000 taxpayers’ returns have kept the IRS pretty busy. At the same time, big budget cuts have left the agency with fewer people to help with these issues....
Money Talk: Set Up IRS Payment Plan Yourself
Question: I fell behind on making my quarterly estimated tax payments for a long list of reasons, and when I file my return, the IRS will find out. I have heard they can seize your IRAs, which I have but do not want to cash out to pay. I found a service on the Internet with good references and no bad reviews. The company said it can help get a payment program and often a reduction in the amount owed. It seems worth a couple of...
