Client Tip for September 2015: Business Identity Theft
Business Identity Theft
Identify theft is a crime that impacts the lives of millions of individual taxpayers every year and the numbers are rapidly increasing. Individuals are no longer the only ones being targeted by these criminals. Now business owners have a new kind of threat to be concerned about that can cause a whirlwind of devastation to a victim’s business.
Business identity theft is the newest threat to small businesses all across America. A criminal will seize a company’s identity and use it to acquire credit in the company’s name or file fraudulent tax returns. A substantial amount of time may be required to correct identity theft and the damage inflicted can cripple a business, prevent it from acquiring any credit, and even threaten its very operation while a victim is trying to clean up and recover from it.
If you receive any correspondence from the Internal Revenue Service (IRS) or a State Department of Revenue (DOR), including a change of address notice that is not correct or you did not initiate, it is best to respond quickly to alert the IRS or State DOR that the information is not correct. Call us if any questions about identity theft arises.