The IRS launched their free online filing system for taxpayers on Friday, and I have come across quite a few taxpayers that are thinking about using this service instead of a tax professional. While this is a viable option for cash strapped taxpayers in this economy, there are a few things that tax payers should know about the system. A recent report from the Treasury Inspector General for Tax Administration revealed that the IRS did not resolve some of the security issues before launching the system last week. The security issues are related to system access, monitoring of system activities, disaster recovery and the protection of sensitive data and these vulnerabilities can put many taxpayers information at risk.
Almost 5 million returns were filed with the IRS Free File last year as many taxpayers view e-filing as a better alternative to paper filing. This tax season be sure to keep your personal information secure for a free e-file process may come back to cost you in the long run.
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