The IRS has begun seeing the “1099-OID” tax scam more and more often, said spokesman Brian Thiel.
The 1099-OID (original issue discount) is a legitimate IRS form used by people who buy bonds at a discount to report accrued income from the bonds. But some tax-return preparers and individuals use the form to claim interest on bonds that don’t exist, and some falsely claim that they’ve already paid the taxes due on that interest.
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