Feb 10, 2008

Identity Theft and your taxes: Part 3 of 4- how to fix it..

Identity Theft and tax debt: How can you fix it

In short, fixing tax debt from identity theft requires a proactive approach and proof by documentation. When you are a victim of identity theft, filing a police report is a necessity. Most people do not file a police report as it becomes the bank or the credit card company’s responsibility for the signature of its client- thus, they remove the erroneous charges or stolen funds. Documenting the incident and retaining these documents is also a must.

However, as stated, the tax problem may come much later and there is not such a direct link- the IRS will conclude that the income is yours absent proof otherwise. Ultimately, after much pain, proof and persistence, the IRS most likely will see it your way. However, in the meantime, there will be painstaking damage in the forms of potential tax liens,levies, and adverse credit reporting.

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