Tax fraud is big business, especially when it involves identity theft. This could be from gaining access to your tax ID and data. If you are a victim of tax fraud with identity theft, you need to consult with an experienced attorney, like our friends at Crepeau Mourges.
The Security Summit is an initiative from the IRS that is encouraging business owners and eligible taxpayers to opt into a new security program that is offered by the IRS. The security summit is a group developed by the IRS that’s going to partner with a few entities, software developers, tax and financial entities as well as others. The group is divided into six groups and each one is going to focus on a special interest like identifying better the dictation processes and responding to strategic threats and taxpayer awareness.
The Internal Revenue Service is encouraging taxpayers to get an IP PIN which will help them to thwart identity thieves who have gained access to their social security numbers. Social security numbers can be used to file fake tax returns, and a false tax return can be identified after it is filed and refunded without the knowledge from the person that filed the false return. This is all due to IP PINs.
The IP PIN program is voluntary, and anyone with a social security number or individual identification tax number is able to verify their identity and enroll. The IP PIN is a six digit number that is generated each year after you opt-in to the program, and is going to be used to confirm your identity on your tax forms that are filled during the current year. An IP PIN for verification canoe used only on form 1040 – SS, 1040 – PR and form 1040.
If your IP pin is incorrect in your tax return the form will be rejected. At paper return wasn’t an accurate IP pin will take longer to process because they will have to authenticate your identity in other ways. IP Penn is going to offer a form of identity verification that is going to change annually. It is going to be important that your number is kept private but it will be changed following year so there is less chance of compromising data.
If you lose your IP PIN they’re going to be processed to receive the pen or you can contact the IRS for assistance.
Verifying your identity and your tax returns will speed up your tax returns and most importantly will keep other people from claiming it. If you have any questions about the IP PIN service, reach out to an experienced Baltimore, MD tax fraud lawyer.