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IRS to mask key business transcript details; protect taxpayers from identity theft

Categories Tax Tips (Fed)

Moving to protect business taxpayers from identity theft, the IRS announced that starting December 13, 2020, it will begin masking sensitive data on business tax transcripts.

The announcement provides 30 days for stakeholders to make any adjustments and additional information about:

  • What a tax transcript is
  • What they are used for
  • What’s visible on the new transcript
  • How it would work for a taxpayer seeking to verify income for a lender

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