VIEWpoint Issue 1 | 2022
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VIEWpoint Issue 2 | 2021
2022 Q4 Tax Calendar: Key Deadlines for Businesses and Other Empl...
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Weathering the Storm of Rising Inflation
To assist in safeguarding the identities of taxpayers, the Internal Revenue Service (IRS) announced that come Jan. 2021, its Identity Protection PIN Opt-In Program will open to all taxpayers who can verify their identities. IP PINs were put in place as an additional measure to deter criminals from stealing Social Security numbers and using them for fraudulent federal income tax returns. Eligible taxpayers receive a unique, six-digit PIN to help the IRS confirm their identity and accept both paper and electronic tax returns. Doeren Mayhew’s tax advisors explore what you can expect if you choose to opt-in for an IP PIN.
Confirmed victims of identity theft and participants enrolled before 2019 will receive IP PINs annually by mail. Identity theft victims do not have the option to opt-out of the IP PIN program due to security risks. Taxpayers who have not received an IP PIN before can access the IRS’s Get an IP PIN tool to receive their IP PIN. Identity theft victims may also use the Get an IP PIN tool to pull up their PIN if they already were assigned one.
Before applying for an IP PIN, take into consideration the following factors:
If you’re unsure if you should take advantage of the IP PIN program, contact Doeren Mayhew’s tax advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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