IRS Redacting Business Tax Transcripts

A tax transcript is a summary of a tax return that’s used by lenders to verify income on loan applications as well as by tax professionals. Starting December 13, 2020, the IRS will redact certain information on tax transcripts to protect businesses from identity theft. For example, only the last 4 digits of the business’s EIN, telephone number, and account will be visible; the rest will be XXXX.  #IdeaoftheDay