Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Advisory Panel Urges IRS to Combat Identity Theft in its Tax Fraud Efforts
Author: Scarinci Hollenbeck, LLC
Date: January 14, 2013
Key Contacts
Back
Combat Identity Theft
The Internal Revenue Service has funneled a significant amount of resources toward combating tax law violations. However, some argue that the federal agency is not paying equal attention to another important crime that is connected to tax fraud.
The IRS Advisory Council’s 2012 annual report offers up several suggestions, including a recommendation to focus more attention on combating identity theft, which often leads to tax fraud. The group noted that by focusing too heavily on seeking out tax evaders and tightening its compliance standards, it was missing out on the opportunity to detect and prosecute identity thieves that have committed other costly tax-fraud crimes.
“The IRS must continue to diligently look for ways to combat identity theft which leads to tax fraud,” said the panel. “The IRSAC commends the IRS on its two-pronged effort, but is concerned that both taxpayers and the tax system will suffer if appropriate measures are not taken quickly and effectively to control this fraud.”
Identity theft is a crime that affects roughly 11 million Americans of all income brackets each year. The report argued that failing to address the issue in the present would lead to higher costs in the future as the crime becomes more prevalent. Over time, this may divert resources away from other pressing tax issues, and strain the shrinking IRS budget even more.
The advisory panel noted that by working more closely with banks and financial institutions, they could more closely manage the risk of identity theft and help stem the crime. The IRS has already partnered with several financial institutions and formed agreements with a number of countries to ensure compliance with U.S. tax law. The IRS said stronger relationships with banking institutions may help it detect federal tax crimes and help close the growing tax gap.
- Practices: Corporate Transactions & Business, Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Author: Donald M. Pepe
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
Author: Marc J. Comer
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
Author: Jay McDaniel
Data Center, Dark Fiber, and Lit Services Agreements in New Jersey: Key Terms and Legal Pitfalls
For New Jersey data center owners and operators, a service agreement may look routine when it is signed. The network is functioning, the vendor is meeting its installation schedule, and the parties have agreed on pricing and performance specifications. The provisions that seem most important at that stage are often the technical ones. That changes […]
Author: George McGowan
Fort Monmouth Redevelopment and the Transformation of Monmouth County Real Estate
The Fort Monmouth redevelopment has entered its execution phase, and it is repositioning the broader Monmouth County real estate market. When Netflix and the Fort Monmouth Economic Revitalization Authority closed on the 292-acre Mega Parcel in December 2025, the transaction did more than hand over a deed. It marked the moment Fort Monmouth stopped being […]
Author: Donald M. Pepe
Local Zoning and Land Use Rules Every New Jersey Rental Property Owner Should Understand
Owning a residential rental property in New Jersey involves more than finding tenants and collecting rent. Property owners must comply with a combination of state laws, municipal ordinances, building and housing codes, and zoning and land use regulations. These requirements can affect everything from the number of dwelling units permitted at a property to whether […]
Author: Donald M. Pepe
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.