NEWSMAX: Federal prosecutors have uncovered a tax scam that potentially costs the IRS billions of dollars in phony IRS refunds based on the stolen identifies of Puerto Rican citizens, who don’t pay federal taxes.
“What we have uncovered may very well be the tip of the iceberg,” Manhattan U.S. Attorney Preet Bharara told The Wall Street Journal. “It’s a massive fraud.”…
Using stolen Social Security numbers — valued at $8 to $10 on the black market — scammers file fake withholding documents from companies, and then claim phony refunds by filing tax returns based on the withholding documents — often netting between $5,000 to $7,000 in a single refund… (more)
