GRAND RAPIDS, Mich., Dec. 4, 2014 (GLOBE NEWSWIRE) — via PRWEB – A cardinal afresh appear by the US Department of the Treasury now allows for character aegis measures alleged “Truncated Taxpayer Identification Numbers”, additionally accepted as “SSN Masking”, to be activated to all almsman tax acknowledgment copies, including 1099-MISC and W-2 forms.
The IRS-approved SSN Masking places an “X” over the aboriginal bristles numbers of the recipient’s amusing aegis cardinal (SSN) or employer identification cardinal (EIN), authoritative this abstracts defended from character thieves. While this account was accustomed by the IRS for 1099-MISC tax anatomy filing before, it may now be activated to W-2 forms, and may be acclimated to abbreviate EINs as able-bodied as SSNs.
Utilizing this account has the abeyant to abate the ascent botheration of baseborn ID tax acquittance fraud. Each year, over 10 actor Americans are fabricated accessible to character annexation through the mail during tax season. Nearly 3 actor Americans accept been scammed, costing the US Treasury over $5.2 billion.
Because tax anatomy almsman copies are appropriate to be mailed in envelopes apparent “Official Tax Certificate Enclosed”, mailed copies of W-2 and 1099-MISC forms are an accessible ambition to character thieves. It’s the absolute way for character thieves to bound abduct their victims’ best accessible information.
Scam artists use the recipient’s SSN or EIN, as able-bodied as their name and address, to accomplish tax acquittance fraud. Using the advice baseborn from mailed 1099-MISC and W-2 almsman copies, thieves book affected tax allotment afore recipients can, again accept refunds deposited on prepaid debit cards, from which they can abjure the banknote anonymously.
When recipients book their absolute tax allotment later, they are faced with what 60 Minutes referred to in a contempo articulation as “paperwork hell”. The action of proving their absolute identities and acclimation the counterfeit acknowledgment can booty weeks of affairs and red tape.
Not alone does this affectation a accident to advisers and contractors; it additionally raises a huge accountability for businesses and employers. Because the IRS has fabricated tax ID aegis accessible for both 1099-MISC and W-2 anatomy filing for 2014, if SSN Masking is not used, and almsman tax anatomy copies are baseborn from the mail, the employer who mailed them may be captivated accountable for damages.
SSN Masking additionally allows administration to email defended almsman copies, rather than commitment them, abacus an added band of security. In adjustment to accept by official IRS regulations back emailing almsman copies as PDFs, administration must: 1) opt in to SSN Masking, 2) countersign assure and encrypt the document, and 3) accept either pre-approval to email the document, or acceptance of the document’s receipt.
Employers can booty advantage of SSN Masking back filing tax allotment online through IRS accustomed e-filing providers who action this service. Notably, not all online tax filing account providers accomplish SSN Masking available. WageFiling is one such service, which offers SSN Masking for both 1099-MISC and W-2 forms.
The new cardinal was fabricated able as of July 15th of this year.
An IRS Quality Supplier back 1996, WageFiling.com is a simple, cost-effective account which allows baby businesses to bound adapt and e-file 1099-MISC and W-2 forms online. Backed by bilingual English-Spanish chump account and industry arch e-filing software, the WageFiling aggregation prides themselves on demography the accent out of allowance tax filing.
Scott Zubrickas Principal/Co-Founder WageFiling.com scott(at)wagefiling(dot)com 866-944-8824
This commodity was originally broadcast on PRWeb. For the aboriginal adaptation including any added images or video, appointment http://www.prweb.com/releases/2014/12/prweb12367564.htm
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