Navigating Tax Season Safely

Tax season is upon us, and as you gather your documents and file returns, it's crucial to remain vigilant against potential scams targeting your money. At BMI Federal Credit Union, we prioritize the financial well-being of our members, and part of that commitment involves raising awareness of fraudulent schemes, especially those impersonating the Internal Revenue Service (IRS).

One common tactic scammers employ is impersonating IRS agents, contacting individuals via phone, email, or even text messages. These scammers often intimidate victims with threats of legal action or arrest if immediate payment isn't made for supposed back taxes or penalties. They might even manipulate caller IDs to appear legitimate.

It's essential to recognize the signs of these scams to protect yourself. The IRS will never demand immediate payment or threaten arrest over the phone. Be wary of requests for payment via gift cards, wire transfers, or cryptocurrency like Bitcoin. The IRS accepts traditional payment methods, such as checks or electronic transfers. Additionally, scammers often use aggressive language to pressure victims into compliance while asking for sensitive information like Social Security numbers or banking details over the phone or via email which the IRS will not do.

If you receive a suspicious call claiming to be from the IRS, hang up and independently verify the caller’s identity by contacting the IRS directly using their official contact information. Familiarize yourself with common scam tactics and warning signs to avoid falling victim to fraudulent schemes. And if you do encounter a potential scam or believe you've been targeted, report it to the IRS and relevant authorities immediately.

As tax season unfolds, we're excited to offer our members exclusive discounts with trusted partners like TurboTax and H&R Block. These partnerships provide you with access to expert tax assistance. By leveraging these promotions, you can maximize your tax return while minimizing the risk of falling prey to scams. Plus, with the expertise of TurboTax and H&R Block, you can file confidently, knowing your taxes are in capable hands.

We urge our members to stay vigilant against IRS scams targeting unsuspecting individuals. Remember, the IRS will never demand immediate payment or threaten legal action over the phone. Stay informed, stay secure, and take advantage of our exclusive member discounts with TurboTax and H&R Block to simplify your tax filing experience. We're committed to empowering our members with the knowledge and resources needed to protect their financial well-being. Together, we can navigate tax season safely and securely.

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(April 2024)