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Watch Out for Those Fake IRS Letters

Article Highlights:

  • Matching Season 
  • IRS Letters 
  • Fake Letters 
  • Demand for Immediate Payment 
Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed by “matching season,” when the IRS attempts to match the information on each taxpayer’s return with the information from the various returns that other entities (employers, financial firms, educational institutions, the insurance marketplace, etc.) have filed. The goal is to identify possible accidental oversights and intentional omissions.

When the IRS finds a discrepancy, it sends the taxpayer one of many form letters to detail the discrepancy and to describe the options for dealing with the issue. Receiving such a letter inevitably causes a person’s heart rate to jump a little; everyone dreads receiving correspondence from the IRS.

Is the letter real? Thieves know that this is the time of year when the IRS sends correspondence to taxpayers, so they are sending fake letters to trick people into making payments on bogus tax liabilities. As a result, taxpayers need to be very careful to avoid being hoodwinked by these scammers. The best practice is to have a tax professional review any letter that you receive before you take any action. If the letter is real, it requires a timely response, but if it is fake, it should be ignored.

These crooks take advantage of the anxiety that comes with receiving a letter from the IRS; they are counting on the likelihood that you will rush to make the potential problem go away. For instance, most of these fake letters demand immediate payment and threaten arrest if payment isn’t made. Such language should make your scam alarm go off, however; the IRS never demands immediate payment or threatens arrest. These thieves also often ask individuals to make payments by providing them with the serial numbers of prepaid stored-value cards. This allows them to quickly access the money and then vanish. Any such request should also alert you to the scam attempt, as the IRS would never collect payments that way.

We encourage you to educate your family members – especially older ones – about these fake letters so that they do not fall for the scam.

Of course, it goes without saying that, if you receive a real letter from the IRS, you should not procrastinate. A timely response is necessary to prevent the IRS from escalating the situation.

We strongly recommend contacting this office if you receive any correspondence from the IRS so that we can review its validity and, if necessary, respond to it in a timely and correct manner. In addition, beware of phone calls, texts, and e-mails claiming to be from the IRS; this should also set off a scam alarm, as the first contact from the IRS on a given matter is always by U.S. mail. These clever crooks are trying to separate you from your money, but you can stop that from happening. Don’t be scammed.

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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)

Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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