Better Business Identity Theft Protection?

Business identity theft is a big problem. The IRS continues to improve and expand its detection capabilities to include additional types of business tax returns. During Processing Year 2021, the IRS used 84 selection filters to identify business tax returns claiming refunds for potential fraud; filters identified and selected for review 60,296 business returns as potentially fraudulent. A recent Treasury Inspector General for Tax Administration’s audit report suggests that the IRS could improve detection of business identity theft if it used the same methods the Service applies to combating individual identity theft. Let’s see what happens. #IdeaoftheDay