The U.S. Internal Revenue Service (IRS) has announced today that sensitive information will be masked on all business tax transcripts starting next month to protect companies from identity theft.
Business identity theft happens when company owners or employees are impersonated by third parties in the process of committing fraud such as illegally obtaining cash, credit, and loans, leaving the business to deal with the resulting debts.
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 (TIN) and the owners’ personal info.
New identity theft protection measures
Business identity theft happens when company owners or employees are impersonated by third parties in the process of committing fraud such as illegally obtaining cash, credit, and loans, leaving the business to deal with the resulting debts.
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 (TIN) and the owners’ personal info.
New identity theft protection measures