Carlson Capital Management

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Quarterly Update from the Tax Team: Tax-Related Identity Theft

Kevin Koski
Kevin Koski, CPA

Principal Tax Advisor
651.319.8067
651.438.9818 (Fax)
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Professional Biography
Kevin Koski serves as Principal Tax Advisor at Carlson Capital Management and with CCM Tax & Trust Administration, a wholly-owned affiliate of Carlson Capital Management. Kevin works closely with the advisory team to deliver clients fully integrated wealth management services, lending his experience to proactive tax-related planning. As a senior member of the Tax Team, Kevin plays a lead role and helps to oversee the preparation, review, and completion of individual and trust tax returns and tax projections. Kevin participates in client meetings and serves as a tax resource for clients, both individually and collaboratively with other advisors, to develop customized recommendations.

Kevin came to CCM with strong expertise having worked with clients at a St. Paul CPA firm for 15 years. In his role there, Kevin provided leadership and direction for the firm’s tax services practice, and advised clients on income and estate tax matters. Kevin was also an advisor on general financial planning topics such as stock option analysis, charitable planning, and gifting strategies for high-net-worth individuals and families. Kevin is a member of the American Institute of Certified Public Accountants and the Minnesota Society of CPAs.

Kevin grew up in Virginia, Minnesota and is a graduate of the University of Minnesota-Duluth, where he earned his bachelor’s degree in accounting. Shortly following graduation, Kevin earned his Certified Public Accountant (CPA) status. Outside of work, Kevin has three children and enjoys volunteering as a coach and assistant with their athletic teams. Kevin and his family reside in South Minneapolis.

Kevin and other members of the CCM Tax Team regularly post articles of interest on tax planning topics which you can find here.

Kevin Koski
Kevin Koski, CPA
Principal Tax Advisor

According to the Federal Trade Commission, tax return related identity theft has topped the list of identity theft complaints filed for the past five consecutive years. It has cost the US Treasury billions of dollars in fraudulent refunds, and cost taxpayers a great deal of time and stress to resolve cases (the average case resolution time is ten months). Unfortunately, we’ve seen this issue affect several clients this year and wanted to share some information that may help protect you from this kind of identity theft.

Tax-related identity theft occurs when someone uses your stolen Social Security number (SSN) to file a tax return claiming a fraudulent refund. Almost all cases are initially identified when you file your tax return and are then notified by the Internal Revenue Service (IRS) that a tax return has already been filed under your Social Security number. Identity thieves of this type consistently file the fraudulent tax returns very early in the tax filing season in order to get ahead of the average taxpayer. In addition, they can be savvy posing as IRS employees via the phone. Per the first item below—the IRS will never initiate contact with you by phone, so do not carry on a conversation with anyone calling who claims to be with the IRS.

How to reduce your risk of tax-related and other forms of identity theft:

  • Be aware that the IRS never initiates contact by email, phone or text message to request personal information. IRS communication is always initiated through written correspondence.
  • Complete tax return filings, make tax payments, and receive tax refunds electronically when possible as it avoids having your return being delivered through the mail.
  • Don’t routinely carry your Social Security card or any document with your SSN on it.
  • Don’t provide a business your SSN just because they ask—provide your SSN only when you are convinced that it is absolutely necessary.
  • Protect your personal financial information at home and on your computers.
  • Check your credit reports and social security administration report of earnings records annually.
  • Protect your personal computers by using firewalls and anti-spam/virus software. Update security patches and change passwords regularly for web accounts.
  • Shred mail such as “pre-approved” credit card applications and any reports containing financial account data.
  • Don’t provide personal information over the phone, internet or through the mail unless you have initiated the contact or are certain you know who is asking—and for what purpose.

Our team has identified specific steps to take for anyone who finds themselves a victim of any type of identity theft, including tax-related. We are here to assist you, so in the unfortunate event you find yourself in this situation, contact us right away. For more information, we suggest the U.S. Department of Justice website: irs.gov/uac/Taxpayer-Guide-to-Identity-Theft

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Published July 15, 2015

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