The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for all taxpayers. Here is what you need to know.
IP PIN program details
The IRS's IP PIN program is an additional layer of security to ensure your tax identity and withholdings are not stolen. When you register in the program, the IRS will mail you a six-digit numeric IP PIN. You must enter this number on your tax return or the return will be rejected. It is a one-time use IP PIN. In other words, you will receive a new number every year.
So why get an IP PIN?
The IRS uses the IP PIN to better verify your identity. It can prevent clever hackers from using your Social Security number to file fraudulent returns or access returns you’ve already filed.
Keep in mind that if you choose to get an IP PIN, you'll need to use an IP PIN for all future filings. While the IRS is planning to add the ability to opt out of the program, it is not yet available. So once you are in the program, you must stay in it. If need be, you can still paper file your tax return if you lose your IP PIN.
Getting your IP PIN
You can use special IRS tools to obtain an IP PIN and verify your identity through a two-factor authentication process. Go to the Get an IP PIN page on the IRS website to get started.
To get the IP PIN, you will be asked to register for an online account with the IRS. The process to open the account requires an independent ID verification prior to establishing the account. Once approved, you can then register for the program.
Remember, a new IP PIN is generated for every filing season. It may be retrieved mid-January by logging into your account.
If you have experienced ID theft, the IRS automatically puts you into this program. So the IRS will continue to issue new IP PINs to taxpayers who have already been victimized by tax-related identity theft.
Remember, if you are in the program, you must protect this number. Do not tell it to anyone other than those who need the information to file a tax return. Also know that the IRS will never ask you for this number, so do not give it out.
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area.
Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at email@example.com.
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.
Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!