Money Minute: IRS Warns of Huge Tax Scam; Big Banks Pass Stress Test


The IRS says we need to be on the lookout for one of the largest scams ever against taxpayers.

The IRS is warning that scammers have targeted thousands of Americans, and walked away with more than a million dollars of taxpayer money. Here's how the fraud works: they tell us in a telephone call, often aimed at immigrants, that we owe unpaid taxes. These scammers can even manipulate caller ID displays to make it appear as though the call is coming from the IRS.

Meanwhile, April 15 isn't only the deadline to file your real taxes with IRS, it's also the deadline to claim millions of dollars of unclaimed refunds from 2010. The agency says more than 918,000 people are owed money -- mostly those who failed to file tax returns. By the way, the IRS doesn't impose a penalty on a late tax return, if you're due a refund.

The Federal Reserve gave passing grades to 29 of 30 large banks. The so-called stress test measures whether the banks are strong enough to withstand another economic meltdown. %VIRTUAL-article-sponsoredlinks%It shows the financial health of the banking sector has improved dramatically since the financial crisis of 2008. That means the Fed could soon approve applications from a number of these banks to resume paying dividends. The only bank to fail the Fed test was Utah-based Zions Bancorp (ZION).

Here on Wall Street Thursday, the Dow Jones industrial average (^DJI) rose 109 points, while the Nasdaq composite (^IXIC) and the Standard & Poor's 500 index (^GPSC) both gained 11 points. The Dow has experience triple-digit moves in four of the last six sessions -- two of them up, two down.

Finally, Nascar does it. So do European football teams. And now the National Basketball Association could soon wear corporate emblems on their uniforms. According to ESPN, new commissioner Adam Silver said sponsor logos are likely within the next five years. Think of the possibilities: the Chicago "Red Bull" Bulls, or perhaps the Washington "Harry Potter" Wizards.

-Produced by Drew Trachtenberg.