The IRS recently announced an expansion of a program that prevents the misuse of US identification numbers. This is an opportunity to protect one of your most valuable assets – your identity.
Called the Identity Protection PIN Opt-In Program, it is available to all taxpayers. Individuals can apply for the program starting in January 2021. Applicants will be required to verify their identity before receiving their personal identification number (PIN).
There will likely be some frustration in going through the application process. After all, it is the IRS. For those of us worried about identity theft, it’s likely to lessen some anxiety in this anxiety-filled year.
The program is open to taxpayers, spouses, and dependents. If you opt-in for 2021 and decide it’s not for you, the IRS plans to offer an opt-out program in 2022.
For more information, please contact your tax advisor at Innov8 CPAs. Here are the program links for the IRS FAQs and the IRS news article.
We wish everyone a safe and merry holiday season.
