By Bennett Allison, CPA
Identity theft is a growing problem. After obtaining personal information, identity thieves often file fraudulent personal income tax returns with the hope of collecting ill-gotten income tax refunds in the process. Applying for an IP PIN is an easy way to prevent such tax return fraud.
IP PIN stands for Identity Protection Personal Identification Number. While identity thieves may have loads of your personal information, without an IP PIN, an identity thief cannot use your information to file a fraudulent income tax return with the IRS.
Sol Schwartz & Associates has been fortunate that identity theft and fraudulent returns are not a common occurrence for our clients. However, when it does happen, correcting and resolving a fraudulently filed return can be a time-consuming and frustrating process. As we move further into internet age, it’s a problem that I expect will continue to grow.
An IP PIN is a great idea for anyone looking to avoid the risk and complications of having a fraudulent tax return filed in their name. So, yes, you need one.
It’s easy to get your own IP PIN. Just go to https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin. Or, if you’re a Sol Schwartz & Associates client, ask one of our professionals to assist you.