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Regulation and Compliance > Federal Regulation > IRS

Rep. Wagner Brings Back Taxpayer ID Theft Protection Act

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Rep. Ann Wagner, R-Mo., reintroduced Thursday the Taxpayer Identity Theft Protection Act, legislation she introduced in 2016 requiring the IRS to issue an Identity Protection Personal Identification Number (IP PIN) to any individual taxpayer who requests one.

Under the bill, the IP PIN would provide taxpayers another level of security as they submit their sensitive personal and financial information to the IRS.

As it stands now, Wagner said, IP PINs “are only available to victims of tax-related identity theft and individuals who previously received one from the IRS as part of a limited pilot program.”

Wagner, a member of the House Financial Services Committee, noted that the IRS estimated recently that more than 100 million Americans have had their personal identification stolen by criminal hackers. “This is after the September Equifax bombshell that over 145 million U.S. consumers had been impacted by their breach,” Wagner said.

Following the Equifax data breach, Wagner said that she “heard from constituents about their hesitation to share their sensitive personal and financial information.”

She said the Taxpayer Identity Theft Protection Act is “common-sense legislation that puts the security of private data first by protecting taxpayers from identity theft and providing them with greater peace of mind as they file their taxes.”

The House Financial Services Committee held its second hearing on the Equifax breach on Wednesday, while the Financial Institutions and Consumer Credit subcommittee has scheduled a hearing on Nov. 1 titled “Data Security: Vulnerabilities and Opportunities for Improvement.” 

— Check out Individuals’ Personal Info Revealed in SEC EDGAR Hack on ThinkAdvisor.


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