IRS Masking Key Business Transcript Details, Protecting Taxpayers from Identity Theft
Sharing information from IRS website.
The IRS announced beginning, December 13, 2020, it will be masking sensitive data from business tax transcripts. This announcement provides 30 days for stakeholders to make changes. The IRS notified tax professionals about this modification this summer at the Nationwide Tax Forum. The IRS began masking sensitive data on individual tax transcripts two years ago.
The following will be visible on the new tax transcripts:
- Last four digits of any Employer Identification Number listed on the transcript: XX-XXX1234
- Last four digits of any Social Security number or Individual Tax Identification Number listed on the transcript: XXX-XX-1234
- Last four digits of any account or telephone number
- First four characters of the first, and last name for any individual (first three characters if the name has only four letters)
- First four characters of any name on the business name line
- First six characters of the street address, including spaces
- All money amounts, including wage and income, balance due, interest and penalties
More details at IRS.gov’s web page after December 13, 2020.