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Avoid tax refund identity fraud
Practical money skills
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Many people file their income tax returns as early in the year as possible. Some are eager to claim their tax refund right away, while others are simply following their New Year's resolution not to procrastinate until midnight, April 15.

Let me add another good reason to file your taxes right away: tax refund identity fraud.

That's where someone uses your Social Security number (SSN), birth date and other private information to file a fraudulent income tax return in your name and then pockets the resulting tax refund. Often, a victim's first clue is a letter from the IRS contesting their legitimate tax return, saying one has already been processed under that name. It can take months – and mounds of paperwork – to unravel the mess.

This scam has proliferated in recent years thanks to a confluence of events:

There's a thriving black market in personal information stolen from healthcare facilities, nursing homes, schools, insurance companies and other institutions that require an SSN as identification.The IRS is pressured to begin issuing refunds shortly after taxpayers start filing returns in mid-January, even though employers and financial institutions aren't required to submit withholding and income documentation until the end of March. Thus, disparities often aren't caught until months later.The growing popularity of electronic filing, where hard-copy documentation (like W-2 and 1099 forms) isn't required.Many people receive refunds via direct deposit and prepaid debit cards. Criminals open and close accounts using bogus addresses long before the theft has been detected.

Thanks to severe budget cuts and chronic understaffing – not to mention constantly playing whack-a-mole with thieves who dream up new schemes – the IRS is hard-pressed to keep up. In one extreme example, the agency issued more than $3.3 million in refunds for 2,137 tax returns filed to a single address.

But all is not lost. The IRS has significantly beefed up its fraud-prevention efforts. In 2011, they intercepted nearly 262,000 fraudulent tax returns seeking almost $1.5 billion in refunds related to identity theft. And they now issue special personal identification numbers (PINs) to impacted taxpayers to protect their future tax filings.

So what should you do if you've been victimized? Typically, the IRS will send you a notice that:

More than one tax return for you was filed;You have a balance due, refund offset or have had collection actions taken against you for a year in which you didn't file a return; orIRS records indicate you received wages from an employer you don't recognize. This could indicate that someone has used your personal information to get a job.

If you receive such a notice, don't ignore it. Complete an Identity Theft Affidavit (IRS Form 14039 at www.irs.gov) and return it with a copy of the notice to the address provided on the notice. If you did not receive a notice but believe you may be at risk, the form contains separate submission instructions.

The IRS's Identity Theft Protection website (www.irs.gov/uac/Identity-Protection) includes tons of helpful information, including ways to tell whether your identity may have been stolen, how to report a breach and tips to avoid identity theft.

And finally, file your tax return as early as possible to beat potential scammers to the punch. If you owe money, you can always file your return now and mail the payment by the April 15 deadline.


Alderman directs Visa's financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.

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Record April boosts Savannah's container trade at port
GardenCityTerminal
The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

The Georgia Ports Authority's busiest April ever pushed its fiscal year-to-date totals to more than 3.4 million 20-foot equivalent container units (TEUs), an increase of 8.8 percent, or 280,000 TEUs, compared to the first 10 months of fiscal 2017.

"We're on track to move more than 300,000 TEUs in every month of the fiscal year, which will be a first for the authority," said GPA Executive Director Griff Lynch. "We're also anticipating this to be the first fiscal year for the Port of Savannah to handle more than 4 million TEUs."

April volumes reached 356,700 20-foot equivalent container units, up 7.1 percent or 23,700 units. As the fastest growing containerport in the nation, the Port of Savannah has achieved a compound annual growth rate of more than 5 percent a year over the past decade.

"As reported in the recent economic impact study by UGA's Terry College of Business, trade through Georgia's deepwater ports translates into jobs, higher incomes and greater productivity," said GPA Board Chairman Jimmy Allgood. "In every region of Georgia, employers rely on the ports of Savannah and Brunswick to help them become more competitive on the global stage."

To strengthen the Port of Savannah's ability to support the state's future economic growth, the GPA Board approved $66 million in terminal upgrades, including $24 million for the purchase of 10 additional rubber-tired gantry cranes.  

"The authority is committed to building additional capacity ahead of demand to ensure the Port of Savannah remains a trusted link in the supply chain serving Georgia and the Southeast," Lynch said.

The crane purchase will bring the fleet at Garden City Terminal to 156 RTGs. The new cranes will support three new container rows, which the board approved in March. The additional container rows will increase annual capacity at the Port of Savannah by 150,000 TEUs.

The RTGs will work over stacks that are five containers high and six deep, with a truck lane running alongside the stacks. Capable of running on electricity, the cranes will have a lift capacity of 50 metric tons.

The cranes will arrive in two batches of five in the first and second quarters of calendar year 2019.

 Also at Monday's meeting, the GPA Board elected its officers, with Jimmy Allgood as chairman, Will McKnight taking the position of vice chairman and Joel Wooten elected as the next secretary/treasurer.

For more information, visit gaports.com, or contact GPA Senior Director of Corporate Communications Robert Morris at (912) 964-3855 or rmorris@gaports.com.

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