An IP PIN is a six-digit number assigned by the IRS to eligible taxpayers. This pin helps prevent the misuse of taxpayers’ SSNs on fraudulent federal income tax returns. Recently, as a result of the Taxpayer First Act, the IRS has opened the IP PIN system to a variety of taxpayers. In addition to taxpayers whose SSNs the IRS has determined are compromised for tax-filing purposes, IP PINs are now available to those who filed their federal tax return last year as a resident of Florida, Georgia, the District of Columbia, Michigan, California, Maryland, Nevada, Delaware, Illinois, and Rhode Island or received an IRS letter inviting them to “opt-in” to get an IP PIN. Requesting an IP PIN is strictly voluntary. If you choose not to participate in the program, you can file your return as you normally would. If you are assigned or if you request an IP PIN, you must use it – along with your SSN – to confirm your identity on any tax returns filed electronically during the calendar year.
If you have any questions, please contact our office to discuss the Pros and Cons.
Thomson Reuters held their 2019 SYNERGY Users’ Conference in Denver, CO this year. This yearly conference is for tax and accounting professionals, and it’s an exclusive opportunity to share expertise, network with peers, and gain practical knowledge. The business partners and staff members were able to attend workshops and spend four days earning CPE credit, getting hands-on training, learning about technology updates, and being inspired by nationally recognized accounting, technology, and motivational experts. This was a great opportunity to network with others and share knowledge and tips to stay ahead of the curve and continue to bring top level service to our clients.
Are you making the most of tax benefits designed to offset some of the high costs of education? The American Opportunity Tax Credit, extended through 2017, provides a tax break of up $2,500 for qualified college expenses. The Act also made permanent several education-related tax options, including a $2,000 maximum contribution amount for Coverdell education savings accounts, which can be used to pay certain elementary, secondary and post-secondary expenses.
Given the many changes, Siepert can help you make sense of the benefits available to you and ensure you’re taking full advantage of them. Contact one of our three offices with your questions.