Most people who do their own taxes know of the TurboTax software. It is the country’s most popular do-it-yourself tax prep software out there (a friend of mine just filed with it last week), but the software will halt processing returns. The company said today (Friday 2/6) that it has stopped processing all state tax returns because of a large number fraudulent filings being committed with the service.
Julie Miller, Intuit (the company responsible for TurboTax) spokeswoman made the following statement,
“Most victims found out that a fraudulent tax return was submitted in their name when they received a rejection notice after filing their returns, said Intuit spokeswoman Julie Miller.”
So far the issue isn’t affecting federal returns, but the IRS is keeping a close eye on things. Intuit is working alongside Palantir (a security company) to look into the issues and find rectify the problem. With so much talk about security breaches it’s important to note that Intuit has not suffered a breach to their systems, rather the company believes that personal information was stolen elsewhere.
Shares of Intuit Inc. have fallen $3.41, or 3.7 percent, to $88.30 in afternoon trading in response to this news.
Source: Associated Press
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