IRS: Identity Theft on Business Tax Returns Soaring

While tax-related identity theft against individual taxpayers is on the downswing, fraudsters have increased efforts on another front to obtain illicit refunds: Stealing identities of legitimate American companies to file bogus business tax returns. In the first five months of this year, the Internal Revenue Service flagged some 10,000 business returns for suspected tax-related identity theft – a 250 percent increase from the 4,000 cases in all of 2016 and 2,757 percent uptick from 350 suspected cases in 2015. The …