IRS to pilot new security self-mailer to deliver IP PINs

Taxpayers who typically receive a CP01A, We Assigned You an Identity Protection Personal Identification Number (IP PIN), may notice a change in the look of their mailed IP PINs in 2024. In addition to the traditional delivery of IP PINs in an envelope, the IRS is piloting the use of a security self-mailer for delivery of the IP PINs. Security self-mailers have perforated borders that recipients remove to open the correspondence. You may have received a security self-mailer in the form of your bank PIN or other private correspondence.

Approximately 70% of taxpayers who receive the IP PIN will receive them in the new format. With identify theft on the rise, the IRS is working to make correspondence safer and more secure, ensuring the protection of taxpayer data remains a top priority. Some of these notices will include a survey to help determine the effectiveness of the pilot. If pilot feedback is positive, future use will expand to all CP01As. The way taxpayers use the IP PIN to file their taxes will not change.

IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024

In a recent announcement, the Internal Revenue Service (IRS) has decided to delay the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. The IRS is also planning a phased-in approach, with a $5,000 threshold set for 2024 to gradually implement the reporting requirements introduced under the American Rescue Plan.