Safeguarding Your Personal Information During Tax Season

Adam Waitkevich (alt)

Adam Waitkevich, CFP®, CDFA™, ADFA™, Certified QDRO Specialist™ March 18th, 2024

Tax season is upon us, which means it’s time to pay our dues to Uncle Sam. Unfortunately, this time of year also attracts unscrupulous individuals who look to exploit this necessity, devising scams that target unsuspecting taxpayers.

In today’s digital age, these tax scams are becoming increasingly sophisticated, making it harder to differentiate between what is legitimate and what is fraudulent. One tactic used by scammers is to lure individuals with the promise of “free money” such as unclaimed refunds or stimulus funds, only to require an upfront fee for its release.1 Another prevalent scam involves fraudsters posing as a third-party offering to help set up an online IRS account to make tax payments. This information can then be used to file a fake return, steal their identity, or commit other forms of financial fraud.2

It’s important to note that the IRS primarily communicates through the mail and will rarely make contact by phone or in person unless a taxpayer has already received multiple written notices. The IRS will never demand immediate payment, threaten to call the police, or request payment through gift cards, prepaid cards, or wire transfers.3

To help protect yourself, consider creating an IRS Online Account on IRS.gov and avoid exchanging or storing sensitive financial information in an email account. If you receive unsolicited communications claiming to be from the IRS, check with your tax professional before responding. If appropriate, the next step may be to report the incident to local law enforcement, the FBI, the state attorney general, AARP, or the FTC.

Please remember that this article is for informational purposes only and is not intended as tax or legal advice. Consult with your tax and financial professionals if you have questions or concerns about your personal tax situation.

1LVPNews.com, January 9, 2024. “AARP: Scams the IRS wants you to know about.”
2CNBC.com, January 18, 2024. “‘Fraud is at a crisis level,’ says expert: 5 financial scams to watch out for in 2024.”
3AARP.org, July 27, 2023

Read More By Adam Waitkevich, CFP®, CDFA®­­, ADFA™, Certified QDRO Specialist™

Disclosures: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Concord Wealth Partners, or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Concord Wealth Partners. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Concord Wealth Partners is neither a law firm, nor a certified public accounting firm, and no portion of the newsletter content should be construed as legal or accounting advice. A copy of Concord Wealth Partners’ current written disclosure Brochure discussing our advisory services and fees is available upon request or on our website. Please Note: If you are a Concord Wealth Partners client, please remember to contact Concord Wealth Partners, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing, evaluating, and/or revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Concord Wealth Partners shall continue to rely on the accuracy of information that you have provided. Please Note: If you are a Concord Wealth Partners client, please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

Join The Conversation

Contact Us

Give us 15 minutes to listen to your situation, then we will connect you with an advisor ready to help you reach your financial goals.

This field is for validation purposes and should be left unchanged.