VIRGINIA BEACH, VA--(Marketwired - Jan 27, 2014) - Given the recent security breaches at two major retailers, Liberty Tax Service, a subsidiary of JTH Holding, Inc. (NASDAQ: TAX), is reminding taxpayers of the importance of filing their tax returns earlier rather than later. The Federal Trade Commission (FTC) and Internal Revenue Service (IRS) advise taxpayers to file their returns before identity thieves get the opportunity to use stolen information. Thieves use personal information such as name, address and Social Security number (SSN) to file a false tax return and claim the refund money for themselves.
How will taxpayers know if their identity has been used in a false tax return?
If a taxpayer's identity has been stolen and used in an attempt at refund fraud, the taxpayer will receive a letter from the IRS stating:
1) More than one tax return has been filed using a taxpayer's personal information; or
2) That the taxpayer owes a balance or is subject to an attempt to collect taxes for a year that the taxpayer didn't file taxes; or
3) IRS records show additional wages paid to the taxpayer from an unknown employer.
Liberty Tax recommends that taxpayers contact their tax preparer and the IRS immediately if they receive a letter or have any reason to suspect someone has stolen their identity. If a taxpayer believes they are at any sort of risk, they are urged to contact the IRS Identity Protection Specialized Unit at 1-800-908-4490.
"It is important that taxpayers understand that the IRS will not contact them by email to get personal information. Given the recent tax related telephone scams, don't give out your Social Security number or bank account information unless you are absolutely certain the person or company is legitimate. When in doubt, hang up and call the IRS directly," advises Martha O'Gorman, Chief Marketing Officer at Liberty Tax Service.
For further information regarding identity theft or to speak with a tax professional, contact a local Liberty Tax office or call 1-866-871-1040 or visit www.LibertyTax.com.
About JTH Holding, Inc.
Founded in 1997 by CEO John T. Hewitt, JTH Holding, Inc. is the parent company of Liberty Tax Service. Liberty Tax is the fastest-growing tax preparation franchise and has prepared almost 16 million individual income tax returns in more than 4,500 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of over 30,000 tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.