$105 
Learn more
March 29, 2012 3:44 pm
Combating Identity Theft
The Senate Finance Committee learned that the number of identity theft cases that the IRS received between 2009 and 2011 nearly tripled. To better protect taxpayers, one senator introduced the Identity Theft and Tax Fraud Prevention Act. This measure would enable the IRS to better detect tax fraud and protect taxpayers from identity theft.
Something needs to be done to thwart identity theft. This year, tax refunds have been delayed because the IRS has been implementing steps to ensure that the refunds are legitimate and not the product of identity thieves.
advertisement
Featured Books
Tax Glossary
Capital gain or loss
The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.
