Connect with us

Finance

IRS Suggests Taxpayers Get An Identity Protection Pin: Know Its Benefits

Published

on

Pexels.com

Millions of taxpayers file their tax returns to the IRS each year, the threat of data leaks and online scams increase with tech advancement. Online fraudsters and scammers can use private tax information for illegal purposes. The IRS provides individuals with a six-digit Identity Protection Pin (IP PIN), it secures taxpayers’ accounts. IRS reports that the IP PIN protects taxpayers’ funds without a filing requirement. The IRS software asks for the six-digit pin during sign-in; the secure system prevents a third-party app or person access to other’s data or money.

IRS Suggests Taxpayers Get An Identity Protection Pin: Know Its Benefits

Pexels.com

IP PIN requires online verification

IRS conducts a rigorous identity verification process to set up the IP PIN. The taxpayers need to go through the whole verification process to secure their IRS account. The reports state that spouses and dependents can access the IP PIN after passing the identity verification process. IRS has strengthened the online system to facilitate taxpayers; the payments have become more efficient and risk-free. IRS records the complete tax information, including the income statement, assets, and additional profits of taxpayers. The IP PIN is essential at present as the fraud cases have increased.

Alternatives to online verification are also available

Taxpayers can choose alternatives to the online verification system to get the IP PIN. However, other methods take longer to process. IRS reports that taxpayers can also fill out an application form requesting the PIN; the local offices also provide the IP PIN after the in-person authentication. Taxpayers with limited internet access can choose alternatives. Taxpayers can use an IP PIN for one calendar year; IRS generates a new PIN after each year. The IP PIN is required while filing the tax returns; the IP PIN allows taxpayers to access the complete tax information.

IRS reports that the taxpayers need the six-digit IP PIN on Forms 1040, 1040-PR, and 1040-SS. The taxpayers should remember the PIN at any cost; an incorrect IP PIN can lead to the rejection of electronic tax filing. Taxpayers might witness unexpected delays in tax refunds and other payments on forgetting their IP PIN. IRS never asks taxpayers for their IP PIN on phone calls, texts, or emails; these are scams, and individuals should immediately report them.