The IRS and payroll firms are reminding tax preparers about a verification code being added this tax season to 50 million W-2s as part of a test to fight fraud and protect businesses and taxpayers from ID theft.
Preparers can look for the code on W-2s and enter the 16 digits when prompted while filing electronic returns. Tax professionals are urged to look for “Verification Code” on W-2s because location will vary. For the purposes of the test, omitted and incorrect verification codes will not delay the processing of a return. The code will not be included in W-2 or W-2 data submitted by the PSPs to the Social Security Administration or any state or local departments of revenue, nor will this pilot affect state and local income tax returns or paper federal returns. Read Article: http://www.accountingtoday.com/news/irs-reminds-preparers-about-w-2-verification-codes Comments are closed.
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September 2017
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