Money Minute: IRS Warns of Huge Tax Scam; Big Banks Pass Stress Test

×

The IRS says we need to be on the lookout for one of the largest scams ever against taxpayers.

The IRS is warning that scammers have targeted thousands of Americans, and walked away with more than a million dollars of taxpayer money. Here's how the fraud works: they tell us in a telephone call, often aimed at immigrants, that we owe unpaid taxes. These scammers can even manipulate caller ID displays to make it appear as though the call is coming from the IRS.

Meanwhile, April 15 isn't only the deadline to file your real taxes with IRS, it's also the deadline to claim millions of dollars of unclaimed refunds from 2010. The agency says more than 918,000 people are owed money -- mostly those who failed to file tax returns. By the way, the IRS doesn't impose a penalty on a late tax return, if you're due a refund.

The Federal Reserve gave passing grades to 29 of 30 large banks. The so-called stress test measures whether the banks are strong enough to withstand another economic meltdown.
It shows the financial health of the banking sector has improved dramatically since the financial crisis of 2008. That means the Fed could soon approve applications from a number of these banks to resume paying dividends. The only bank to fail the Fed test was Utah-based Zions Bancorp (ZION).

Here on Wall Street Thursday, the Dow Jones industrial average (^DJI) rose 109 points, while the Nasdaq composite (^IXIC) and the Standard & Poor's 500 index (^GPSC) both gained 11 points. The Dow has experience triple-digit moves in four of the last six sessions -- two of them up, two down.

Finally, Nascar does it. So do European football teams. And now the National Basketball Association could soon wear corporate emblems on their uniforms. According to ESPN, new commissioner Adam Silver said sponsor logos are likely within the next five years. Think of the possibilities: the Chicago "Red Bull" Bulls, or perhaps the Washington "Harry Potter" Wizards.

-Produced by Drew Trachtenberg.


Increase your money and finance knowledge from home

Reading a Stock Quote

Learn to read the ingredients of a stock.

View Course »

Bonds for Beginners

Learn about fixed income investments.

View Course »

Add a Comment

*0 / 3000 Character Maximum

3 Comments

Filter by:
clyogi

California Franchise Tax Board is currently giving a date that your refund has been processed and that you should not contact them until more than ten business days has passed. On the eleventh day, you cannot access your refund information online and must call. You are told at that time that your return has not been reviewed, the FTB is running behind and normal processing time is twelve. weeks. This is not right! Some might even call it a scam by the State.

March 21 2014 at 1:15 PM Report abuse +1 rate up rate down Reply
TINKDAY

Banks should be in better shape, at least for now, the tax payer has continued to bail them out to the tune of trillions of dollars thanks to the fed reserve and guess who gets to pay for that and now with this outrageously expensive health care, that everybody in the private sector has to pay for, I expect to see this economy to really turn down. I wonder when all of the workers, including the politicians, will have to get their health care from our new health care system or will they continue to get great health care benefits from the tax payer.

March 21 2014 at 11:55 AM Report abuse -1 rate up rate down Reply
Bangie

One of many scams. 2 yrs ago, I received in the mail 2 tax returns totaling over $10,000 IN THE NAME OF SOMEONE I NEVER HEARD OF, BUT WHO USED MY ADDRESS AND APARTMENT NUMBER. I CONTACTED FED/STATE IRS, COMPLETED FRAUD FORMS AND ATTACHED THE CHECKS. THE NEXT YEAR, IT HAPPENED AGAIN! I STILL HAVE NOT HEARD FROM IRS ON EITHER OF MY ALERTS.
SO MUCH FOR OVERSIGHT!

March 21 2014 at 10:15 AM Report abuse +2 rate up rate down Reply