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3 Smart Steps to Save Your Employees from Tax Fraud

Millions of consumers in the USA fall victim to tax fraud every year. If the incident happens to a couple of employees within an organization, its consequences will be faced by the company too.

In this article at Business2Community, Angela Murphy explains that the employee affected with tax fraud will have to spend multiple hours out of the regular working hours to file paperwork, send emails, and make phone calls to handle the situation. Moreover, the whole process will increase the stress level of the employee apart from leading to collateral damage and major loss of productivity.

Possible Means of Tax Fraud

Ideally, tax fraud may occur either at the personal or professional front and the cybercriminals target HR and payroll teams with W-2 phishing emails and various other wide-ranging lucrative ways. Here are three distinct ways the HR and management teams can ensure their employees’ safe taxation file:

  1. Education: The employees expected to fall under cybercrime attack reside in HR, accounting, or payroll and one scam can expose the W-2 forms of the entire company. To escape such unfortunate incidents, partner with your IT and Information security leaders to further help them train the employees on how to identify and report a suspicious email without opening or downloading it.
  2. Awareness: Every tax fraud may not necessarily take place online. In fact, most of the identity thieves still resort to low-tech means like mail fishing to steal tax information of the people. Thereby, ensure to let each employee know when their W-2 forms are being mailed out, so they can raise a red flag if it does not show up.
  3. Benefits: Partner with a trusted tax preparer that even the employees can easily use to professionally file their taxes. This may be a fully-paid or discounted approach. Similarly, opt for self-service tax preparation software like TurboTax that offers corporate discounts.

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