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Right now, the IRS has everything it needs, except for one big, important thing: the ability to electronically engage a citizen safely, asking how she wants her money.”. Consumers are hardwired to ignore inbound messages from the IRS as attempts to steal their bank account information. Moreover, fraud is always a concern.
Validating tax information to comply with the IRS: sounds like a no-brainer, something every business and finance organization would simply take for granted and have to do. New policies put the onus on payers, not payees, to guarantee accurate information on tax forms.
Others believe there’s a paper check coming but find no details on the IRS “Get My Payment” web portal set up to track the progress of funds. That’s the kind of flexibility payees require now, although much remains unclear in early May. Some got it via direct deposit. People want answers.
Around tax season, hypnofraud spikes as fraudsters claim to be Internal Revenue Service (IRS) employees (or HM Revenue & Customs in the UK), using spoofing to make telephone calls look like they are coming from IRS phone numbers. A list of payers from which a payee regularly receives funds.
The IRS is hiring and training more than 3,000 agents to enforce its Foreign Account Tax Compliance Act (FATCA), and the onus is now on the payer to collect all necessary tax documents from the payee and validate the info on those forms.
The IRS is hiring and training more than 3,000 agents to enforce its Foreign Account Tax Compliance Act (FATCA), and the onus is now on the payer to collect all necessary tax documents from the payee and validate the info on those forms.
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