Identity protection

The 2011 holiday season is in full swing and shoppers across the nation are making online purchases in record numbers. In fact, a recent study showed that more than half of consumers say they will buy most of their holiday gifts via the Internet this year.

Financial fraud affecting the nation’s elderly is a growing problem, and statistically, it could happen to you or someone you know.

If the IRS came calling, could you easily put your fingers on the important records that will back up your tax return? If you’re a hoarder, with file cabinets overflowing in old checks, bank statements and pay stubs, or a purger—someone who shreds everything the minute you file your return, these CPA tips of record keeping can help you make sense of what to keep and what to pitch. Reducing your paperwork burden will help you be more organized with the documents you do need to keep.

Planning what to do in case of a disaster is an important part of being prepared. Some simple steps can help taxpayers protect financial and tax records in case of disasters.

Many people have lost their jobs in the last few months as the economy has turned sour. Scam artists are still fully employed, however, in good times and bad. In fact, The Ohio Society of CPAs warns that the threat of being defrauded by a con artist probably rises during a recession, as money becomes tight and thieves work overtime to get their hands on yours. CPAs caution against these scams – and offer advice on how to avoid becoming a victim.

With more and more people anxious to increase their income quickly in a depressed economy, being aware of scams is more important than ever. Work-at-home offers in particular can be enticing, and also worthy of skepticism.