The IRS recently announced that it will require new security questions as part of the tax return submission and validation process for the 2017 tax season. These changes come as a result of the IRS’s effort to continue its fight against a surge in identity theft cases involving business tax returns.
According to the IRS, the new questions could include the Social Security Number and name of the company official authorized to sign the return, information about parent companies, an estimation of tax payment history, filing history for business-related tax forms, including Form 940 and Form 941, and additional information based on deductions.
As we all know, tax deadlines approach quickly. This news highlights the importance for businesses to prepare well in advance for these upcoming changes to avoid potentially costly delays and late filings. For more information on the upcoming changes for the 2017 business tax season, please contact Caroprese & Company to speak with a tax expert.