Launched nearly a decade ago, the Identity Protection (“IP”) PIN program's purpose was to allow confirmed identity theft victims to obtain a PIN from the IRS, which is then necessary to electronically file a federal tax return. Beginning in 2021, the IRS expanded the program to make it available to all taxpayers in an effort to prevent identity thieves from filing fraudulent tax returns using a taxpayer’s personally identifiable information.
The IRS has recently made some announcements to inform taxpayers about obtaining an Identity Protection Personal Identification Number (IP PIN). Here are some facts about an IP PIN.
If you don't already have an IP PIN, you can get one as a proactive step to protect yourself from tax-related identity theft. The fastest way to receive an IP PIN is by using the online "Get an IP PIN" tool on the IRS website.
If you wish to get an IP PIN and you don't already have an account on IRS.gov, you must register to validate your identity. Here is the link for more information: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin
The IRS notes that if you're a confirmed victim of tax-related identity theft and tax agency has resolved your tax account issues, you will be mailed a CP01A Notice with your new IP PIN each year.
If you would like additional information about an IP PIN, please contact your BST Advisor.