The Treasury Department released an announcement Sunday, March 2, 2025, suspending enforcement actions against U.S. Citizens and Domestic U. S. companies for failure to file BOI reports. This announcement states FinCEN under the Treasury Department will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the current deadlines for new companies formed on or after January 1, 2024, and existing companies formed before January 1, 2024.

The Treasury Department also announced they will be issuing proposed rulemaking which will narrow the scope of BOI reporting under the Corporate Transparency Act to only apply to foreign companies, registered in a U.S. state, U. S. territory or U. S. tribal jurisdiction but formed or organized in a foreign country.

Though the Corporate Transparency Act was enacted by Congress and signed by the president, the U. S. Treasury Department has the authority to modify such reporting obligations based on their role in implementing the rules for complying with such laws. An example of this would be the continued delay of reporting for Form 1099-K at the lower $600 level which was enacted with the American Rescue Plan Act of 2021.

WASHINGTON — As the 2025 tax season approaches, the IRS encourages all taxpayers to take an important step to safeguard their identity by signing up for an Identity Protection Personal Identification Number (IP PIN). 

This simple yet crucial step can provide an added layer of security, helping protect against tax-related identity theft. 

The IRS encourages taxpayers to sign up for IRS Online Account, which provides a quick and easy way to obtain an IP PIN. Signing up early will ensure taxpayers have extra safety by having an IP PIN to electronically file their returns when the filing season begins in 2025. 

The IRS encourages people to sign up for an IP PIN before Nov. 23, 2024. After this date, the IP PIN system will undergo maintenance and will not be available again until early January 2025. Signing up for an IP PIN now will ensure that a taxpayer’s identity is protected when the filing season begins. New IP PINs are generated for the 2025 filing season during this period, so online enrollees must retrieve their new IP PIN starting early January 2025. 

An IP PIN is a six-digit number that prevents someone else from filing a federal tax return using a taxpayer’s Social Security number or Individual Taxpayer Identification Number. It’s a vital tool for ensuring the safety of taxpayers’ personal and financial information. The IP PIN, known only to an individual and the IRS, confirms their identity when they electronically file their tax return, making it much more difficult for thieves to use their information fraudulently. 

The best way to sign up for an IP PIN is through IRS Online Account. The process requires identity verification, and spouses and dependents can also obtain an IP PIN if they complete the required verification steps. Once an IPPIN is issued, it must be on both electronic and paper returns.   

To get an IP PIN, taxpayers should create or log into their online account at IRS.gov and follow the steps for identity verification. Once verified, taxpayers need to click on the profile tab to request their IP PIN. IP PIN users must use this number when filing their federal tax returns for the current calendar year and any previous years filed during that same period. 

For those unable to create an Online Account, alternative methods are available, such as in-person authentication at a Taxpayer Assistance Center. More information is available on how to sign up at Get an identity protection Pin (IP PIN). 

• An IP PIN is valid for one calendar year. For security reasons, new IP PINs are generated at the beginning of each calendar year. Some participants will receive their IP PIN in the mail, while others will have to log into their Online Account to view their current IP PIN. 

• Enrolled taxpayers can log back in to their Online Account to view their current IP PIN. 

• Taxpayers with an IP PIN must use it when filing any federal tax returns during the year, including prior year tax returns, or amended returns.  

• IP PIN users should share their number only with the IRS and their tax preparation provider. The IRS will never call, email, or text a request for the IP PIN. 

• Taxpayers can get an IP PIN now for 2024. The IRS will issue new IP PINs starting in January 2025. 

• Taxpayers who enrolled in the IP PIN program and have not been a victim of tax-related identity theft can opt out of the IP PIN program via their Online Account.