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Small-business identity theft is big business. The IRS, state tax agencies and the tax industry are warning small businesses to be on guard against increased identity theft attempts against them.
When businesses and employees have their identities stolen, their sensitive information can be used to open credit card accounts or file fraudulent tax returns for bogus refunds.
In the past two years, the IRS has noted a sharp increase in the number of fraudulent filings of Forms 1120, 1120S and 1041 as well as Schedule K-1 forms. The fraudulent filings apply to partnerships and estate and trust forms.
– Scott Hanson, HMA Public Relations