2 Things We Recommend for All Individual Income Tax Filers Prior to 12/31/2024

The 2024 tax season is quickly approaching. It isn’t unusual for our firm to see one or two clients each year fall victim to identity theft involving bogus income tax returns claiming refunds that are directed to bank accounts set up by scammers. Of course this causes problems for the legitimate taxpayer. Correcting those issues can be a long, time-consuming and expensive process.

In order to help protect your identity, we recommend you:

• Set up an online account with the IRS at www.irs.gov. You will also be instructed how to set up an account with ID.me so the IRS can verify your identity.
• Request an IP PIN. Setting up an IRS account will enable you to tell the IRS you want them to assign an identity protection personal identification number (IP PIN). The number is known only by you, the IRS, and your tax preparer and is good for one filing year.

An added benefit of having an IRS online account is the ability to quickly check your account for the proper application of tax payments, check the status of your refund, and obtain reports on missing income information you have been unable to locate or have replaced.  Having an IP PIN allows you to still e-file your return even if another individual has fraudulently tried to file a return on your behalf or attempted to claim one of your dependents.