Moving to protect business taxpayers from identity theft, the IRS announced that starting Dec. 13, it will begin masking sensitive data on business tax transcripts. The announcement provides 30 days for stakeholders to make any adjustments. The IRS began informing tax professionals of this change this summer during the 2020 Nationwide Tax Forums. The IRS previously masked sensitive data on individual tax transcripts two years ago.
The following will be visible on the new tax transcript:
More information about the masking of transcripts can be found at IRS.gov’s e-Services page after Dec. 13.