May 5, 2011 12:00 am

Avoiding Identity Theft

The IRS has updated its Publication 4535, Identity Theft Prevention and Victim Assistance, to provide information in both English and Spanish. The publication has:

  • Tips for avoiding identity theft, such as not carrying your Social Security card or any document with your number on it.

  • Where to report incidents of identity theft.

  • How identity theft can impact your tax records and what you should do if your records are affected by identity theft.

The IRS cautions taxpayer that it does not initiate contact via e-mail, nor does it request personal information through e-mail. Anyone receiving an e-mail purported to be from the IRS that seeks such information can be sure it’s a scam; do not open attachments or click on any links within the e-mail.

Source: IRS Publication 4535

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Tax Glossary

Accelerated depreciation

Depreciation methods that allow faster write-offs than straight-line rates in the earlier periods of the useful life of an asset. For example, in the first few years of recovery, MACRS allows a 200% double declining balance write-off, twice the straight-line rate.

More terms