Some losses on bank deposits can be claimed on your taxes. You might be able to claim a casualty loss if your deposit was with a federally insured financial institution such as a bank, savings and loan association, or a credit union that went insolvent or bankrupt. But the loss must still...
The consequences of intellectual property theft extend beyond immediate financial loss: Economic Impact: Businesses face reduced profits due to counterfeit sales, damaged reputation, and diminished customer trust. National economies suffer losses in tax revenue and reduced incentives for innovation. Ethical ...
If your loss is part of a presidentially declared disaster, you can deduct the loss on your return for the tax year immediately preceding the year of the loss. If you’ve already filed your prior-year return, you can file an amended return to claim the deduction. Claiming a qualifying di...
Financial identity theft is the most common and straightforward type of identity theft, because it happens anytime someone uses a victim’s information to fraudulently obtain money. It’s alsoone of the most damaging types of identity theft, as it represents a direct loss to the victim. The ...
Report any data theft or data lossto the appropriate IRS Stakeholder Liaison. Additionally, tax professionals should watch out for the following signs of tax return data theft: E-filed returns are rejected because returns with their SSNs have already been filed; ...
Tax Court ruled that shareholders of stock in companies where the corporate officers are convicted of misconduct cannot claim on their tax return a theft loss. Mehdi Taghadoss, an employee of WorldCom Group in 2002 and 2003, claimed such losses after top officials at WorldCom were charged ...
IRS (internal revenue service) and tax identity theft scams often use your name to file a tax return in order to claim the tax refund. If you think you may have been a victim of financial identity theft, contact your financial institution immediately and report any unauthorized activity. You...
File a tax return in your name or steal your tax refund Receive medical treatment by using your health insurance Make personal purchases such as new phones or other merchandise The result could be a financial loss in the short term for you—though you may be able to sort this out with org...
So yeah, the number of frauds perpetrated would go down but the total dollar loss probably wouldn’t go down much since those who do high volume fraud would probably fraudulently notarize the forms. And yeah, if you get two forms on April 15th that’d be a red flag, but the criminals...
when WorldCom emerged from bankruptcy. Taghadoss filed his 2003 tax return claiming a casualty or theft loss of $1,344,863, then received a statement valuing his 31,083 shares at $677. WorldCom emerged from bankruptcy in April 2004. The IRS disallowed the loss for 2003, and Taghadoss ...