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PPC's Guide to Tax-Related Identity Theft

PPC's Guide to Tax-Related Identity Theft

Product Information

  • Save 15% on PPC's Guide to Tax-Related Identity Theft through the month of June.

  • Brand:
    Practitioners Publishing

Format

Price

Quantity

Online
Includes ongoing updates
Product Code:
TIDQ
$200.00

Identity theft is the fastest growing crime in America.  Chances are that you have clients who will be victims or you may be the victim in the event of a security breach in your business.

The emotional and financial consequences of ID theft can be devastating. As your client’s trusted advisor, it’s important to know how to resolve tax identity theft issues. Likewise, in the event of a security breach, it is important to know the immediate steps to take.

PPC’s Guide to Tax-Related Identity Theft provides step-by-step guidance and practical aids to help you resolve tax ID theft issues, meet your requirements for safeguarding taxpayer data and know what to do in the event of a security breach.  This comprehensive guide helps you resolve issues according to federal and each of the 50 states including the District of Columbia.

Fed-State Tax ID Theft Issues

Did you know that tax ID theft on the federal tax return automatically impacts your client’s state tax return(s)?

With this guide you will be able to identify when tax ID theft has occurred and quickly take the necessary steps to resolve the issue for your clients with the least frustration and delay including filing complaints with the FTC, reporting the theft to the IRS and the state(s), handling a federal and state rejected return due to misuse of your client’s SSN, getting the taxpayer advocate office involved to get your client’s case resolved quickly, and dealing with post identity theft issues) as well as advise clients on steps they can take to protect their personal information before or after ID theft has occurred.

This guide is designed to assist you in handling the matter for your clients or provide them with information to handle the matter themselves. This guide includes step-by-step guidance and practical aids to help you resolve tax related identity issues according to federal guidelines and each of the 50 states including the District of Columbia.

Fed-State Security Breach Issues and Safeguarding Taxpayer Information

Who to notify in the event of an information security breach varies from one incident to another. When a security breach has taken place, response time is critical. If reported quickly, steps can be taken immediately to put measures in place to mitigate the impact and the risks of the security breach on affected parties including the business itself.

According to the Federal Trade Commission Safeguards Rule, financial institutions, which include professional tax preparers, are legally responsible for taking steps to ensure that their affiliates and service providers safeguard customer information in their care.  The Safeguards Rule requires companies to develop a written information security plan that describes their program to protect customer information. The plan must be appropriate to the company's size and complexity, the nature and scope of its activities, and the sensitivity of the customer information it handles.

This guide provides step-by-step guidance and practical aids for businesses and tax professionals concerning requirements to safeguard taxpayer data and how to respond in the event of a security breach according to federal guidelines and each of the 50 states including the District of Columbia.

Practical aids (including resources you can give to clients to resolve their own cases) include client letters and handouts, step-by-step checklists, sample IRS forms, scripts for communicating with clients and the IRS, information security plan checklists, state-specific tax ID theft procedures, security breach requirements, and contact information for all 50 states and the District of Columbia, and much more.

Chapters include:

  • Overview and Introduction to Identity Theft Problem
  • Recognizing Identity Theft
  • Resolving Identity Theft Issues for Individuals
  • Resolving Identity Theft Issues for Businesses
  • Safeguarding Taxpayer Information
  • Post-Identity Theft (Ongoing) Considerations
  • Related Tax Considerations
  • Nontax Considerations
  • State Tax-Related Identity Theft and Security Breach Information
  • Index


Examples of Fed-State Practice Aids include:

Recognizing Identity Theft
  • Ways to Order Different Types of Transcripts
  • IRS Notices Indicating Potential Identity Theft Problem
  • Sample Letters to Request a Copy of Fraudulent Return
  • Client Letter on Reducing Risk of Identity Theft
  • Client Letter on Protecting Your Personal Information
  • Interpreting Codes on Tax Account Transcripts
  • Ordering and Interpreting Credit Reports

Resolving Identity Theft Issues for Individuals
  • Sample Engagement Letter to Represent Client in Identity Theft Matter
  • Handling a Rejected Individual Tax Return
  • General Checklist for Tax Identity Theft Victims Handling Matter
  • Checklist for Victims Handling Matter When IRS Suspects Identity Theft
  • Checklist for Victims Handling Matter When Taxpayer Suspects Identity Theft
  • General Checklist for Practitioners Handling Tax Identity Theft Matter
  • Checklist for Practitioners Handling Matter  When IRS Suspects Identity Theft
  • Checklist for Practitioners Handling Matter When Taxpayer Suspects Identity Theft
  • Basic Identity Theft Letter to the IRS
  • Sample Completed Letter to Send with Form 14039
  • Sample Completed Form 14039, Identity Theft Affidavit

Resolving Identity Theft Issues for Businesses
  • Checklist for Business Tax Identity Theft Victims Handling Matter
  • Checklist for Practitioners Handling Business Tax Identity Theft Matter
  • Handling a Rejected Business Tax Return
  • Responding to IRS Notices
  • Sample Letter 4310C, ID Theft Post-Adjustment
  • Sample Letter 4402C, ID Theft (Self-Identified)

Safeguarding Taxpayer Information
  • Laws and Regulations on Safeguarding Taxpayer Data
  • Putting Safeguards in Place
  • Monitoring Your Preparer Tax Identification Number (PTIN)
  • Checklist for Responding to a Security Breach
  • Checklist for Safeguarding Taxpayer Data and Information Security Plan
  • IRS Stakeholder Liaison Contacts
  • Alphabetical Listing of FBI field offices
  • Sample Form 14157 to Report Suspicious Activity With PTIN
  • Sample Letter Notifying Individuals Whose Information Has Been Compromised
  • Sample Letter to IRS to Close and EIN account

Dealing with Post-Identity Theft Considerations
  • Identity Protection Personal Identification Number (IP PIN) FAQs
  • Checklist for Obtaining and Using an Identity Protection PIN
  • Handling a Tax Return That is Rejected
  • Requesting Assistance from the Taxpayer Advocate
  • Identity Verification Phone script PIN

Nontax Considerations
  • Reviewing, Fixing, and Monitoring Credit Reports
  • Sample Letter to Block Information from Credit Report
  • Sample Letter to Dispute Information in Credit Report
  • Sample Letter to Dispute ATM or Debit Card Transactions
  • Sample Letter to Dispute Credit Card Charges
  • Identity Theft Victim’s Complaint and Affidavit

State-Specific Information
  • Contact information for state attorney general and department of revenue for states
  • Step by step procedures for responding to state tax-related ID theft for each of the 50 states including the District of Columbia
  • Step by step procedures for responding to a security breach for each of the 50 states including the District of Columbia
  • State-specific tax-related ID theft forms
  • State-specific security breach reporting forms

  • Tax-Related Identity Theft
    • INTRODUCTORY MATERIAL
    • Chapter 1 Overview and Introduction to Identity Theft Problem
    • Chapter 2 Recognizing Identity Theft
    • Chapter 3 Resolving Identity Theft Issues For Individuals
    • Chapter 4 Resolving Identity Theft Issues for Businesses and Safeguarding Taxpayer Information
    • Chapter 5 Safeguarding Taxpayer Information
    • Chapter 6 Post-identity Theft (Ongoing) Considerations
    • Chapter 7 Related Tax Considerations
    • Chapter 8 Nontax Considerations
    • Chapter 9 State Tax-Related Identity Theft Information
    • INDEX
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  • Guide to Tax-Related Identity Theft Brochure View