Identity Theft: Will You Be The Next Victim?

Identity theft is sweeping the nation, ripping off citizens and even the federal government. If you haven’t been a victim yet, you could be next.

I was recently informed by the IRS that I had been the victim of identity theft. Some yahoo down in Florida had submitted a fraudulent return using my name and Social Security number. Upon further review, the IRS discovered that already 60 checks had gone to the same address in Florida. Duh.

My accountant was very helpful and gave me a checklist of items that have to be done quickly to avoid further damage. One of the items on the checklist was to immediately file a police report with my local precinct. I called the Greenwich, Connecticut, police non-emergency number and they dispatched a squad car to my home. I soon realized the scope of the problem after talking with the officer.

He told me the case eventually would move on to the FBI as identity theft has become an epidemic in this country and is believed to be international in scope. I was given a case identification number. You will see later why this step is so important in the identity theft checklist below:

• Call the IRS and inform them you believe you are a victim of identity theft. (Often the way you will find out that something is amiss is when you don’t receive your refund check. It may have been issued to the thief who has assumed your identity).
• Fill out IRS Form 14039 and fax or mail back to IRS.
• Contact the Social Security Administration. (here is a link to the Identity Theft webpage). If you contact them by phone they will tell you to contact the Federal Trade Commission.
• Contact the Federal Trade Commission (877-438-4338). After you contact them by phone, you will be sent an Identity Theft Complaint Affidavit.
• Contact your local police department and tell them you have been a victim of identity theft. Make sure you get a case number and follow up in a few days to get the full police report.
• Contact one of the three credit bureaus: Equifax at 800-525-6285, Trans Union at 800-680-7289, or Experian at 888-397-3742.

This will be the most difficult part of the process. Don’t let them give you the runaround. Most of the people you talk to will be hellbent on selling you a service. Tell them you are entitled to make a victim-of-fraud statement that will be put into your credit history. I found Equifax the most helpful; they worked diligently to make sure I was taken care of. The service representative reviewed my credit to see if any fraudulent accounts had been opened. Fortunately I was OK.

It is probably a good idea to review your credit reports once every couple of months and look for any errors or fraud. All three companies offer a service at varying degrees of cost. Remember you are entitled by law to a free copy of your credit report at least once a year.

Don’t forget to send them a full copy of the police report. They will need this to keep your fraud alert on file for more than 90 days. All three companies are required to pass on your victim statement to the other two bureaus, however it is probably a good idea to call all three after a few days to follow up.

I hope none of you will have to use this information, but given the scope and size of the epidemic, chances are you will.

(read original post here)

How long to keep financial records?

If you’re anything like me, you want to shred bills and documents as soon as you send the check in the mail or pay online.  You don’t want all that extra clutter hanging around.  While that can be good for some items (junk mail, magazines, etc.) it doesn’t always work for financial documents.  If you own a home, have a credit card, are self-employed, have a job, or all of the above, here is some information about how long to keep your financial records.

Let’s start with home ownership documents.  These include closing statements (your HUD or RESPA, for example).  You’ll want to save that information for at least six years after you purchase the home.  This is important for selling the home (if you do during that time period) because it can affect how much you pay in capital gains tax.  It’s also important to keep any receipts for home improvement projects.  Some could be a tax write-off and others may also affect property taxes and capital gains tax.

If you use your credit card to purchase items that can be a tax deduction, you’ll want to keep your statements for a good seven years.  Otherwise, you can shred the statement once your receipts match what is listed on the statement for the month.

In terms of tax paperwork, it’s important to know that the IRS has three years from your filing date to audit your return if it suspects good faith errors.  They have up to six years to challenge a return if they suspect you underreported your gross income by 25% or more.  So you’ll want to keep all your tax returns for at least six years.  You have three years once you file if you find a mistake on it and file an amended return for a refund.

You can easily get rid of regular bills once you see the check against it has cleared.  You will want to keep any receipts or bills for more expensive purchases, such as jewelry, computers, televisions, etc.  This you’ll want to save for insurance purposes.

You can get rid of paycheck stubs once you compare it against the W-2 you receive for all your work the previous year.  If everything matches up, toss the original stubs.  If not, you’ll want to request a corrected form from your HR department.

If you have more specific questions about how long to keep certain financial records, your CPA is the best person to speak to, especially if it’s related to tax information.

(view original source here)

SHRED-A-THON! MAY 20, 2012

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