IRS Update: Reminders for Upcoming 2015 Filing Season

As the January 20 start date for the 2015 filing season draws near, it is important to review the IRS Identity Protection PIN program and the new IRS direct deposit limit.

Identity Protection PIN

For the upcoming filing season the IRS will issue 1.7 million Identity Protection PINs (IP PIN) to individuals who have had an identity theft indicator applied to their IRS tax account.

These are the key items to know about the Identity Protection PIN:

• If a taxpayer received an IP PIN last year they should have received a new 6-digit IP PIN from the IRS in December via IRS notice CP01A.
• If a taxpayer received an IP PIN, the taxpayer and spouse must enter their IP PIN on their 2014 federal return or the IRS will reject the return.
• Read More

New IRS Direct Deposit Limits

Beginning this filing season, the IRS will be limiting the number of refunds that may be electronically deposited into a single financial account or pre-paid debit card to three (3).

Any subsequent deposits will be automatically converted to a paper refund check and mailed to the taxpayer at the address shown on the federal return... Read More

Click here to read the entire CrossLink Tax Update on reminders for the 2015 Filing Season.