Tax Tip 2020 - 164: IRS will soon conceal sensitive data on business tax transcripts

IRS Tax Tips December 2, 2020
Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams/Consumer Alerts The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News IRS Resources Compliance & Enforcement News Contact Your Local IRS Office Filing Your Taxes Forms & Instructions Frequently Asked Questions Taxpayer Advocate Service Where to File IRS Social Media	Issue Number: Tax Tip 2020-164 IRS will soon conceal sensitive data on business tax transcripts Business tax transcripts will soon look a little different. Beginning December 13, the IRS will conceal some information on business tax transcripts to better protect people from possible identity theft. A transcript is basically a summary of a tax return. Tax pros use transcripts to prepare prior year tax returns or represent the client before the IRS. Lenders and others use tax transcripts to verify income. Here's what taxpayers will be able to see on the new business tax transcript: Last four digits of: Employer identification numbers Social Security number Individual tax identification numbers Account numbers Phone numbers First four letters of the first and last name for anyone listed, including on the business name line. Only the first three letters will be visible if the name is only four letters long. First six characters of the street address; this includes spaces. All dollar amounts. The customer file number when it's entered on Line 5 of Form 4506-T, Request for Transcript of Tax Return, and Form 4506T-EZ. More information about concealing information on transcripts will be available on the e-Services page of IRS.gov after December 13. Share this tip on social media -- #IRSTaxTip: IRS will soon conceal sensitive data on business tax transcripts. https://go.usa.gov/x7Am4   Back to Top         Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

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