October 1, 2024

IP PINS

In today's digital age, protecting your personal information has never been more critical. Taxpayers are increasingly targeted by identity thieves and scammers who attempt to steal sensitive information to commit tax fraud. Fortunately, the IRS offers ways to help protect your identity and keep your tax information secure. Two powerful tools in this regard are the IRS Online Account and the Identity Protection PIN (IP PIN). Let’s explore what each of these are, how they work, and why you should consider using them to safeguard your financial information.

What is the IRS Online Account?

The IRS Online Account is a secure portal that allows taxpayers to view their tax information, make payments, check payment plans, and view tax records. This tool serves as a convenient and secure way to manage your tax-related activities online.

Benefits of an IRS Online Account:

  • Access to your tax records. View your account balance, payment history, tax return transcripts, and other important documents.
  • Make payments and set up payment plans. Pay your taxes directly or set up installment agreements if needed.
  • Track your Stimulus payments and Child Tax Credit. Easily check the status of your Economic Impact Payments or Advanced Child Tax Credit payments.
  • Monitor your account activity. Keep an eye on any unusual activity that could signal attempted fraud or identity theft.

What is an Identity Protection PIN (IP PIN)?

An Identity Protection PIN (IP PIN) is a six-digit number assigned to eligible taxpayers that adds an extra layer of security to their tax returns. When you file a tax return, the IP PIN must be included to verify your identity. This prevents someone else from filing a tax return using your social security number and receiving your tax refund.

Benefits of an IP PIN:

  • Protection against tax-related identity theft. Without the correct IP PIN, no one can file a tax return on your behalf.
  • Renewed annually. Each year, you receive a new IP PIN, making it harder for thieves to reuse stolen information.
  • Voluntary but highly recommended. The IP PIN is available to anyone who wants to protect their tax returns.

How to Set Up Your IRS Online Account

Setting up your IRS Online Account is straightforward. Here’s a step-by-step guide: IRS Online Account

How to get an IP PIN

To get an IP PIN, you’ll need to register for an IRS Online Account. Check out this article’s guide to get set up: IP PIN

Why You Should Use These Tools

Using both the IRS Online Account and an IP PIN together provides comprehensive protection against identity theft and tax fraud:

  • Monitor your account regularly. With the IRS Online Account, you can regularly monitor your account for any suspicious activity and stay updated on your tax status.
  • Add another layer of security. An IP PIN acts as a second line of defense, ensuring that only you can file a tax return using your SSN.
  • Stay ahead of scammers. Scammers are getting more sophisticated every day, but using these tools helps ensure your personal information stays out of their hands.

Stay Vigilant, Stay Protected

In a world where cyber threats are constantly evolving, it’s essential to take proactive measures to protect your identity and financial information. The IRS Online Account and Identity Protection PIN are valuable tools in this fight. By setting up your online account and securing an IP PIN, you are taking significant steps toward safeguarding your tax returns and keeping scammers at bay.

Need Help?
If you need assistance setting up your IRS Online Account or obtaining an IP PIN, contact our team at Welgaard. We can guide you through the process and provide additional tips for keeping your information secure.

By being vigilant and leveraging these powerful tools, you can protect yourself from tax-related identity theft and keep your hard-earned money safe.

*For more Tax Tips about account and identity protection PINs, check out this article from the IRS: https://www.irs.gov/newsroom/irs-online-account-and-identity-protection-pins-protect-against-identity-thieves-and-scammers