Identity theft is commonplace. Years ago, online theft of information resulted in quick consumer alerts and oftentimes a free subscription to a credit protection service. Not so much anymore. Data breach is now common and seemingly unavoidable across the industry. MGM Resorts recently suffered a data breach it is calling a cyberattack that is expected to cost the enterprise approximately $100 million. Along with data, research, and valuable intellectual property, bad actors often aim at personally identifiable information (PII).
The Privacy Act of 1974 protects consumers from disclosure of personal identifiers which can be name, address, telephone number, Social Security number, and more. Hackers target large databases to exfiltrate PII to sell or create synthetic identities. For hackers focused on tax returns, the goal is oftentimes access to a tax refund.
According to the IRS, an IP PIN can help you with the following:
You can register online for an IP PIN where you will be asked to validate your identity. In certain instances, if you are not able to validate your application online, you can file an application for an IP PIN or request in-person validation. You will need one current government-issued photo ID and one other form of ID.
A couple of things to know:
With the new tax season just a few months away, an IP PIN can help protect your tax refund and your identity—and perhaps save you the hassle and frustration of identity theft.
From offices in Chicago and Cleveland, Robert J. Fedor, Esq., LLC offers strategic legal guidance to clients throughout the U.S. and abroad on IRS audits, criminal tax investigations, and payroll tax issues. When you have questions about individual or business tax compliance, call us at 800-579-0997 or contact us.