Added Protection for Your Personal and Financial Information

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Protection is key when guarding your personal and financial information from fraudsters. That’s why the IRS offers a vital tool, the Identity Protection Personal ID Number (IP PIN). The IP PIN is a six-digit number you can apply for voluntarily. It’s known only to you and the IRS. It’s valid for one year, and you’ll automatically be given a new one after expiration.

To apply for an IP PIN, you must have a Social Security Number or Individual Taxpayer ID Number. You also must verify your identity to the IRS.

Suppose you file your tax return with an incorrect IP PIN. The return will be rejected, or the IRS will reach out to validate the information.

For more on IP PINs: https://www.irs.gov/identity-theft-fraud-scams/frequently-asked-questions-about-the-identity-protection-personal-identification-number-ip-pin

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What to Do if Your Business’s Data Security Is Breached

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Most businesses store sensitive information about employees and customers, such as names, addresses, Social Security numbers (SSNs), banking information and more. If lost or stolen, this data could put individuals at risk for identity theft and other types of damage.

What should you do if this happens to your business? The IRS recommends these steps to take:

  1. If a breach could pose harm to a person or business, notify local police and report the potential risk of identity theft.
  2. If a breach includes names and SSNs or could affect other businesses, contact the major credit bureaus and notify the businesses.
  3. If the breach puts individuals at risk, notify those individuals so they can take steps to mitigate the misuse of their data, including checking out the IRS Taxpayer Guide to Identity Theft.

For that Guide and more, click here: https://www.irs.gov/identity-theft-fraud-scams/has-your-business-become-the-victim-of-a-data-security-breach

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