Security News > 2020 > November > IRS announces move to protect businesses from identity theft
The U.S. Internal Revenue Service has announced today that sensitive information will be masked on all business tax transcripts starting next month to protect companies from identity theft.
This type of identity theft occurs after fraudsters gain access to a business' bank accounts and credit cards or following sensitive company information theft, including but not limited to tax identification numbers and the owners' personal info.
"Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting Dec. 13 it will begin masking sensitive data on business tax transcripts," the government agency said.
Tax professionals were informed by the IRS about this incoming identity theft protection measure beginning as part of the Nationwide Tax Forums this summer.
Last year, the IRS also published guidance to help taxpayers defend themselves against identity theft attempts while shopping online.