Slower Refunds Help Fight Tax Identity Theft
Jackie here. Have you filed your taxes yet? Once you do, don’t be surprised if your state refund takes a bit longer than usual to arrive. Tax identity theft is causing some states to delay refunds. To combat the growing threat, some states are taking more time to verify your identity before sending your refund.
Slower Refunds… A Good Thing?
We know you’re anxious to get your refund, but patience is encouraged as you wait for your refunds. North Dakota Tax Commissioner Ryan Rauschenberger explains that slower processing times are actually a good thing because they keep your tax dollars safer and away from thieves.
Every state handles tax refunds differently, but many this year are requiring extra identification (like a copy of your driver’s license, even if you e-file) and taking a little longer to process refunds. We are hoping that these new precautions helps to combat the tax ID theft problem.
How Can You Protect Yourself from Tax ID Theft?
If you haven’t filed your taxes yet, it’s a good idea to do so as soon as possible. Filing early is one of the best ways to protect yourself from tax fraud as it limits the amount of time thieves have to fraudulently file using your information. When you file quickly, you beat the thieves and ensure that you’re the first one to claim your refund.