Tax Tip of the Week | No. 291 | ODT Fights Tax Fraud, Slows Ohio Returns

Tax Tip of the Week | Feb 25, 2015 | No. 291 | ODT Fights Tax Fraud, Slows Ohio ReturnsAn update from the Ohio Society of CPAs....

The Ohio Department of Taxation (ODT) is fighting tax fraud at the expense of timely returns.New screening measures mean electronic returns requesting a refund may take up to 15 days to be direct deposited this year. Paper returns could take up to 30 days for a physical check to be mailed out.The new safeguards include a new filter that will analyze the demographic information reported on a return. This analysis will then assign a “probability of fraud” factor that will determine how the return is then further processed by ODT.If a return is pulled for review, the taxpayer will need to pass an Identification Confirmation Quiz before ODT will process the return. Taxpayers without Internet access can call ODT at (855) 855-7579.These steps are being taken to further bolster defenses in anticipation of the continuing increase in attempted tax fraud involving identity theft.Last year, ODT intercepted an unprecedented number of fraudulent income tax returns representing more than $250 million in potential theft. In previous years, attempted tax fraud averaged about $10 million.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt - the guy behind TTW...until next week.