Hackers Gonna Hack

Jun 10, 2015 | By: Katie Entwit

Hackers Gonna Hack

Did you know that you can request transcripts of  data that is reported on your behalf to the IRS? These would be forms such as W2’s and year-end investment statements?  Well, apparently, computer hackers everywhere knew.  The security system protecting the IRS’s “Get Transcript” application was breached recently, sending the IRS, and the 100,000 or so taxpayers affected, into a flurry of panic-inducing activity, and rightfully so. 

The escalation of identity theft has us all worried.  The recent security breach at the IRS, once again, put a spotlight on how vulnerable our personal information really is.  Most of us know how to safeguard our own personal information to minimize the risks of identity theft, but how can we protect ourselves when a government agency as formidable and, hopefully, as well protected as the IRS… cannot?

We have part of the answer for you.  We suggest adjusting your withholdings to minimize the refund you receive at filing time.  While many prefer to collect the larger refunds at the end of the year, this can leave you vulnerable to identity theft.  In the IRS breach, thieves were after taxpayer’s personal information in order to file fraudulent returns, hoping for those same large refunds that you are.  By minimizing your refund, you are not only protecting yourself, but you’re also putting more of your money back in your own pocket, without making an interest-free loan to the government. Accountants everywhere love this tactic.  We do this for ourselves and we’d be happy to help you with it as well.  

Call our office today if you would like help estimating your withholdings.     

Call: 503.390.7880