Tax scams, as reported by the Internal Revenue Service (IRS), have a tendency to rise during tax season and/or other times of economic uncertainty. (1) Now that tax season is in full gear, the Internal Revenue Service is advising taxpayers to exercise extreme vigilance and prevent themselves from falling prey to dishonest tax schemes. According to the Federal Trade Commission (FTC), Americans aged 60 and older are more vulnerable to financial scams than any other age group, with scammers often posing as trustworthy organizations or individuals such as government agencies, charities, or healthcare providers. A recent report by the FTC showed that in 2020, consumers aged 60 and older reported losing over $1 billion to fraud, with the median loss being $600. Fortune 500 employees and retirees should be aware of the following frequent tax scams in order to avoid getting taken advantage of.
