TAXATION

5 Steps to Protect Client Data
 

5 Steps to Protect Client Data

Posted: August 23, 2019
Despite major progress against identity and data theft, these threats still happen. This checklist includes things tax pros can do now to prevent and recognize data theft and steps to follow if they do experience a data breach.

IRS Warns of New Impersonation Email Scam
 

IRS Warns of New Impersonation Email Scam

Posted: August 22, 2019
The IRS this week detected this new impersonation email scam. The email subject line may vary, but recent examples use the phrase “Automatic Income Tax Reminder” or “Electronic Tax Return Reminder.”


10 Signs of Client Data Theft
 

10 Signs of Client Data Theft

Posted: August 6, 2019
​Tax professionals need to learn the tell-tale signs that their office may have experienced a data theft that resulted in fraudulent tax returns being filed in their clients’ names.

Desk  Audits — More Common Than You Might Think
 

Desk Audits — More Common Than You Might Think

Posted: August 2, 2019
While the New Jersey Division of Taxation audit workforce has not seen a reduction on par with the IRS, it conducts a significant number of desk audits. The New Jersey Division of Taxation focuses most of its desk audits on the resi­dent credit claimed for taxes paid to other jurisdictions.

Tax Pros: Be Aware of Risks Posed by Phishing Emails
 

Tax Pros: Be Aware of Risks Posed by Phishing Emails

Posted: August 1, 2019
The IRS, states and tax industry partners warn tax professionals to beware of the continuing threat of phishing emails, which remain the most common tactic used by cybercriminals to steal sensitive data.

IRS Issues Guidance on Making or Revoking the Bonus Depreciation Elections
 

IRS Issues Guidance on Making or Revoking the Bonus Depreciation Elections

Posted: July 31, 2019
The IRS has issued a Revenue Procedure allowing a taxpayer to make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after Sept. 27, 2017, and placed in service by the taxpayer during its taxable year that includes Sept. 28, 2017.

Is the House Laying the Groundwork for a Major Tax Increase?
 

Is the House Laying the Groundwork for a Major Tax Increase?

Posted: July 29, 2019
The House Ways and Means Committee held a legislative hearing Thursday on the Social Security 2100 Act, a bill that would increase the Social Security tax by 2.4 percentage points to 14.8 percent and lift the cap on wages it's assessed against.

IRS Cracking Down on Virtual Currency Transaction Reporting
 

IRS Cracking Down on Virtual Currency Transaction Reporting

Posted: July 26, 2019
The IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.


The Federal Taxation Interest Group provides an open forum to discuss and educate members on Federal taxation issues, both domestic and international. 

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