Prior to the start of the new year, the IRS issued IP PINs – Identity Protection Personal Identification Numbers – to individuals who had their identities stolen or compromised. As of January 12, 2021, the IRS expanded the option to receive an IP PIN to all taxpayers across the country who can verify their identities through a specified procedure. If a taxpayer elects to receive an IP PIN, they will receive a new number each year to aide in the timeliness of tax filing and protecting your identity.
Choosing to opt-in shouldn’t be taken lightly as there is no choice to opt-out of using your IP PIN each year. However, there is an ongoing discussion on implementing a plan to opt-out of an IP PIN starting in 2022. If interested, don’t procrastinate!
The IRS advises getting an IP PIN in the summer months as it is generally unavailable to do so from mid-November to mid-January each year.
This information is general, not specific, and is only meant to give perspectives on matters discussed which may change without notice. It is not intended to be tax or financial advice. Information has been obtained from various sources believed to be reliable, but interpretations and accuracy are not assured. Please contact us for any questions you may have or to revisit your planning strategies.