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New Identity Theft Targets Social Media

Author: Allyson Huggett

When you start your business you put a lot of time, money and energy into creating your business identity. Now, thanks to hackers and unscrupulous business owners, your branding, online reputation, and social idendity may be at risk.  This is especially true if your business uses online social media and review sites such as Yelp, Google, or Facebook.  Hackers today are creating chaos for business owners by posting erroneous or harmful content on these sites with the sole purpose in mind of damaging the businesses involved.

With social media a huge part of business marketing, having positive or negative comments and reviews can have a major impact on your business.  Consumers today rely on positive reviews when making decisions on where to take their business.  Having a negative review, even if it is a false review, can impact those decisions also.

As this type of business identity theft grows, it is imperative that your business keeps an "eye" on what is posted online. Listed below are a few ways to do this.

Consider using a reputation management service.

Reputation management has become it's own thriving business.  These companies take the time to monitor the most popular social media sites, correct inaccuracies in listing, and alert you to reviews both positive and negative.

Create a social presence.

If you haven't created social media accounts for your business now is the time to do so. Having these accounts in place prevents other people from creating accounts in your name. Keep control over what is being posted on your behalf.

Check your business listings.

With so many different options to list your business on, it is imperative that you know where your business shows up online.  Be certain that the listing is correct, with address, contact information, and hours of operation.  Be sure to search frequently to see if new listings have popped up.

Taking a pro-active approach to maintaining your online reputation is a must.  There are an abundance of online tools created for this purpose, such as Google Alerts.  With these tools you can be updated whenever your business name is mentioned online. While time consuming, your other options are limited.  Be aware of your social identity and act promptly when your business is listed, mentioned, or used in online posts. Should you have any questions, please contact the Tax Office, Inc.

Steps You Can Take To Protect Yourself & Your Business

Author: Keith Huggett

Identity theft occurs when someone takes personal information, like a name, or Social Security number, or other information, without your permission, to commit fraud or other illegal activity.  Government document identity theft is the most common form of identity theft.  Normally, a person's Social Security number is stolen and used to file a tax return to claim a fraudulent refund.  When the legitimate taxpayer files his or her return, the IRS rejects it.  The taxpayer is then forced to correct the situation and repair his identity, which in most cases takes an enormous amount of time and effort by the taxpayer.

As a business owner, identity theft is a bit different.  While the tax return may still be fraudulently filed, other issues may remain hidden until the business receives a notices from a government agency regarding unpaid employment taxes, erroneously claimed tax credit, unreported merchant payment card income and more.

Steps for Individuals

• File Tax Returns Early - Identity thieves generally file early in the season. The earlier taxpayers file, the less likely an identity thief can assume their identity and file first.
• Protect Social Security Numbers - Don't carry your social security card outside of your house in a purse or wallet that could be lost or stolen. You should not give out your SSN unless absolutely necessary. If required, challenge the requirement.
• Internet Passwords - You should use a complex password and change it frequently.  Using your child's name, favorite pet, date of birth, or anniversary is asking for trouble.
• Install Firewalls and Anti-virus Protections - Utilizing anti-virus software can protect your computer from mal-ware and viruses used to damage your computer and steal your personal information.
• USPS Service - Don't trust your mailbox! Make that extra stop at the post office to drop off your mail.  If you are going on vacation, have the postal service hold your mail.
• Shredding Documents - Your trash can is not a safe place to throw away documents...unless you shred them first.  An identity thief is not above searching through your trash. It's a gold mine of information. Shred everything!
• Check your Credit Score - Be sure to check your credit.

Steps for Businesses

• Account Monitoring - Monitor accounts on a daily basis. Enroll in e-mail alerts to be immediately notified of any change in account name, address, or other information.
• Safeguard a Dissolved Business - Businesses that have closed are particularly susceptible to business identity theft.  Businesses that fail to undergo the formal dissolution progress, terminating all of the corporate authority, make it easy for identity thieves to easily reinstate charters and then use that former business's entity to conduct tax fraud and other schemes.
• Bank Protection - Review your banks' policies and recommendations regarding fraud protection.
• Safeguarding Documents & Identification Information - Protect your EIN by giving them out only when required.
• Password Protection - Change your passwords frequently and use complex passwords.

While all of this may seem like common sense, identity theft happens every single day.  Identity theft has grown by more than 542% from 2011 through 2013. It is estimated that 1 in 14 people across the United States fell victim to Identity Theft in 2012 above the age of 16, affecting approximately 16.6 million people.  2/3 of those people experienced some kind of financial loss.  Over $24.7 billion dollars was lost to identity thieves in 2012 alone.

Assistance with repairing your identity is available if you have become a victim of identity theft.  If you believe you are at risk of identity theft due to lost or stolen personal information, you should immediately contact the IRS so the agency can take action to secure your tax account. If you have received a notice from the IRS, call the phone number on the notice. You may also call the IRS’s Identity Protection Specialized Unit at 800-908-4490800-908-4490 FREE.

The specialists at the Tax Office Inc., are available to answer any questions you may have on the tax ramifications of identity theft.  Contact us if you think you may have been a victim of either business or individual taxpayer identity theft. We may have just the information you need.

8 Simple Ways To Protect Yourself 

Author: Keith Huggett 

During the height of tax season we always hear about identity theft and the hundreds of ways people are being scammed out of their hard earned money. Well, tax season is over now but identity theft is still a problem that needs to be discussed. Your tax preparer can either be part of the problem; someone who is helping the theives, or a part of the solution. Here are some simple ways that you and your tax preparer can help protect your identity.

1. Never sign a blank tax return.
2. Place your tax documents in a secure location, such as a safe, or locking file cabinet.
3. Use a password on your cell-phone, tablet, & laptop computer.
4. Remember that when you receive communications from the IRS, they only use the U.S. postal service. If you receive an email from someone claiming to be the IRS, report it to phishing@irs.gov.
5. Ask your tax preparer about their security. Is it up-to-date? Do they have back up systems?
6. Monitor your credit reports regularly. It's a handy practice to keep up to date on your credit report. With a watchful eye, you will notice any changes much faster than your credit card company will.
7. Change your passwords on your computers regularly. Make them complex, with numbers, capital letters, and symbols, in order to make it more difficult for hackers to figure them out. Using birthdays, anniversaries, or pet names are very common and easy to figure out.
8. If you upgrade your computer system, and decide to recycle your old one, be certain to wipe the hard drive first. PCWorld provides a helpful article on How to Securely Erase Your Hard Drive. 

One last thing to remember in order to protect your identity. When you are on social media sites, be careful not to answer those harmless looking (and sounding) quizes about your first pet, or your mother's name, where you grew up and games about how well you know your best friend. You could accidently give out information about yourself & your best friend.

If you have any questions about identity theft, personal information, or tax information, the specialists at The Tax Office, Inc. are ready to help. If you suspect that you have become a victim of identity theft, you should act immediately to correct your records. Make copies of all email and letters, and keep detailed notes of phone calls.  Your tax returns are only a portion of what will need to be corrected. Contact us today for your tax return needs.