With the Equifax breach still fresh in many people’s minds, the Internal Revenue Service is proposing regulations that may help prevent identity theft.
The IRS wants to allow truncated Taxpayer Identification Numbers (TTINs) on Form W-2 (Wage and Tax Statement) to hide an individual’s Social Security Number (SSN) from identity thieves.
Employers will only be able to voluntarily truncate their employee’s SSNs on copies of Form W-2 that are furnished to employees. Truncated SSNs will appear in the form of TTINs.
However, using TTINs on any return, statement, or other documents that are required to be filed with or furnished to the IRS or Social Security Administration will not be allowed.
The IRS is asking for comments on the proposed regulations by Dec. 18, 2017. Visit Regulations.gov to submit your comment.