It’s Tax Day! Now, What to Do with All Those Records?


Today is Tax Day, the last day to file your federal income tax return with the Internal Revenue Service (IRS). You’ve spent the last several weeks collecting sensitive financial documents and now you’re probably wondering what to do with them. Financial documents may contain information, such as your Social Security number, that you should keep private in order to prevent identity theft. Therefore, the Privacy Rights Clearinghouse has compiled a guide on document retention and destruction tips to help protect your privacy.

Shred It, Don't Forget It!


With tax season ending, do you ever wonder what to do with your personal and financial records? Which ones do you need to save for tax or other purposes? While some people like to save things forever, others want to immediately toss out unnecessary clutter.

So what's the best way to decide whether to save or discard your records? Here are a few tips and information sources to help you decide which records you need to save, and how long you need to keep them.

IRS Information Returns: An Identity Thief's Dream?


At this time of the year, you can expect to receive in your mail at least some IRS information returns that will contain your full Social Security number.  Your Social Security number is the key to identity theft.  For this reason, an information return (like a W-2) can be an identity thief’s dream come true.  In fact, some information returns may contain not only your full Social Security number, but your bank or other financial institution account number(s)—the perfect combination for identity theft.  Read our suggestions on what you can do to protect yourself.

It's Tax Time. Take These Extra Precautions with Your Mail


During the month of January, check your mailbox for “information returns” from organizations (both individuals and businesses) that have made taxable payments to you during the previous year.  These information notices will arrive on IRS approved forms, but will be sent to you directly by the organization providing you with taxable income.  The most well-known information return is the IRS W-2 form which reports your taxable wages.

It's Tax Time. Take These Extra Precautions with Your Mail


During the month of January, check your mailbox for information notices from organizations that have made taxable payments to you during the previous year. While these information notices are essential for preparing your taxes, they also are a treasure trove for identity thieves. A typical information notice has your non-truncated Social Security number as well as the name of your employer, your bank, mutual fund, or stock broker.

Tell the IRS that Allowing Tax Preparers to Sell Taxpayer Data to Marketers Is a Bad Idea


At tax time, like most people, you are concerned about the bottom line: Will I get a refund or will I have to pay? Privacy may never enter your mind, but perhaps it should. Under a new IRS proposal, among the papers you are asked to sign, could be a consent form that gives your tax preparer your okay to sell your entire tax return.

Comments Submitted to the Internal Revenue Service: Disclosure and Use of Tax Preparation Data Notice 2005-93 and REG-137243-02


At no time is one's expectation of privacy greater than with tax preparation. The proposed rules address privacy concerns in some important ways by requiring consumer consent where none was previously required. At the same time, the rules open the door for far more insidious privacy invasions by allowing tax return information to be used for marketing and shared by preparers with "any person."

Privacy Tips for Tax Season


You may be resigned to giving the government your money this tax season, but watch out for fraudsters looking for a piece of the action. Your tax forms contain sensitive information, including your Social Security Number. Taxpayers have a choice of filing by mail or electronically. Consumers may use personal software, professional services, or old-fashioned pencil and paper. Either way you can bet there is a fraudster ready with a scam. The following tips can help protect your privacy.

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