An Analysis of IRS Fraud and Its Impact on Senior Citizens
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Similarly, according to the data released in 2021, the UK lost approximately £35 billion (Partington, 2021). Based on these reports, it is certain that fraud in the tax causes immense costs to the public and the country at large as the government losses revenues which would otherwise use in the funding and steering more crucial services or projects that are vital for the public. IRS frauds manifest themselves in different forms, including criminal identity theft, new account fraud, account takeover fraud, medical identity theft, medical identity theft, business or commercial theft, or identity cloning. The National Council on Aging. (n.d.) outlines that IRS scams targeting older citizens are on the rise. There were 92,371 senior citizens victims of IRS
