1- Last year the IRS stopped more than 1.4 million returns, totaling $8 billion, due to identity theft. Go to the IRS website (irs.gov) and type in “identity theft” in the search box. Share what you have learned with your classmates about protecting yourself from identity theft, and what steps you would take and why if you become a victim of identity theft. 2- Judge Learned Hand, stated in the Helvering v. Gregory case, that: “Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury, there is not even a patriotic duty to increase one’s taxes.” · Do you agree with this quote? Do you believe there is a gray area between “tax planning” and “tax avoidance”?

Question One

Tax associated identity theft happens when an individual strategically uses the illegally acquired social security number with the aim of filing a tax returning requesting a fraudulent refund (Romanosky, Telang &Acquisti, 2011). This process typically happens when a person is unaware of the unlawful act until that period when he or she e-files the returns and discover that a return had been filed through the use one’s social security number. On the same note, the internal revenue service may serve an individual with a letter stating that they have recognized an apprehensive return using his or her social security number. Some of the ways of safeguarding oneself against identity theft are through the use of strong passwords that use a combination of words and figures as it is essential these unique codes be used in setting up an account. It is also significant that a person does not reuse a similar password as it can be still traced; thus, unique usernames and passwords for reports will be appropriate. Also, an individual should set security software to update automatically as this is essential in ensuring that the software has the current protections against growing threats. Moreover, for additional security, one has to make sure that his or her internet browser including Google, Firefox, and Safari among others are set to update automatically with the aim of remaining secure all through. Still part of safeguarding oneself against identity theft, a person should learn to discover phishing emails more so those pretending to be from the internal revenue service.

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1- Last year the IRS stopped more than 1.4 million returns, totaling $8 billion, due to identity theft. Go to the IRS website (irs.gov) and type in “identity theft” in the search box. Share what you have learned with your classmates about protecting yourself from identity theft, and what steps you would take and why if you become a victim of identity theft. 2- Judge Learned Hand, stated in the Helvering v. Gregory case, that: “Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury, there is not even a patriotic duty to increase one’s taxes.” · Do you agree with this quote? Do you believe there is a gray area between “tax planning” and “tax avoidance”?
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Question Two

Regarding the quote, the statements may be right and accurate in most occasions under the democratic socialism; however, within the United States, this cannot be true since it is likely to be outside the domain of law (Adenugba& Ogechi, 2013). Avoiding tax may be lawful, but it can ever be ethical; however, as part of proper coordination, institutions will seek to lower their tax liability through tax planning while tax avoidance can be viewed as aggressive when it engages the use of a financial instrument.

 

References

Adenugba, A. A., & Ogechi, C. F. (2013). The effect of internal revenue generation on infrastructural development. A study of Lagos State internal revenue service. Journal of Educational and Social Research3(2), 419.

Romanosky, S., Telang, R., & Acquisti, A. (2011). Do data breach disclosure laws reduce identity theft?. Journal of Policy Analysis and Management30(2), 256-286.

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