Financial Facts

December 21, 2017

The IRS issued proposed regulations (REG-105004-16) permitting employers to use truncated social security or other taxpayer id numbers on the copy of Form W-2, Wage and Tax Statement, furnished to the employee.

The use would be voluntary, and would show the last four digits with the preceding replaced by asterisks or Xs. The proposed rules were authorized by amendment to Sec. 605 (a) (2) by the Protecting Americans from Tax Hikes (PATH) Act to help protect employees from identity theft.

VACo Contact: Vicky Steinruck, CPA

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