Is "IRS USATAXPYMT" fraud?

Written by Aiden Lee

June 18th, 2024

Medium Risk

What is "IRS USATAXPYMT"?

The Internal Revenue Service (IRS) is not a merchant, but a U.S. government agency responsible for tax collection and enforcing tax laws. It was established in 1862 by President Lincoln. The IRS also oversees various benefits programs, such as the Health Coverage Tax Credit, and administers tax laws related to retirement plans, charities, and the like. The IRS mission includes assisting taxpayers comply with their tax obligations and fairly applying the tax law.\n'

  • IRS: Stands for Internal Revenue Service, the federal agency responsible for collecting taxes in the United States.
  • USA: Indicates that the tax payment is related to the United States.
  • TAXPYMT: Refers to the purpose of the transaction, which is a tax payment.

    • Verify if this transaction is fraud in 30 seconds

    Verify With Receipt

    The best way to tell if this charge is fraudulent is to find the receipt. You may have an electronic copy of the receipt, which you can finding by searching in your email accounts for.
    Or, if you want to automatically find and reconcile receipts so you never worry about fraud, you can use SimplyWise to automatically match all bank and credit card transactions to email and paper receipts. The app instantly reconciles your expenses and flags anything that doesn't match.

    STEP 1

    Connect your Email

    Download the SimplyWise app and connect your email account. SimplyWise will search through your emails and find all the receipts in your inbox. This allows you to understand what exactly you are paying for when you see a bank transaction on your statement.

    STEP 2

    Connect Your Bank

    Connect to your bank account/credit card transactions through the secure (256 bit encryption) Reconciliation feature within the app.

    STEP 3

    Reconcile

    Reconcile the charges reported by your financial institution against what you've recorded in your SimplyWise account. Find fraud quickly! SimplyWise will match your transactions to your bank/credit card spending and check those items off.

    SimplyWise Community Comments

    William Patterson

    "Hey, had the same issue! Take a deep breath and investigate further. It's usually a simple mistake. You got this, hang in there!"

    Ronald Sinclair

    Hey, had the same issue last month. Contacted my bank and they resolved it quickly. Hang in there, you'll get it sorted!

    Transaction codes from Internal Revenue Service
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