cybersecurity for tax professionals

welch

checklist: the 24 steps to prevent and, if necessary, respond to breaches.

by amy welch

last year, there were nearly 90,000 reports of tax identity theft, according to the federal trade commission.

in fact, in june, an irs agent admitted to stealing someone’s identity. law360.com reported special agent bryan cho, 49, pled guilty to aggravated identity theft and wire fraud in a brooklyn district court. it appears anyone can be a criminal!

join donny shimamoto, cpa, citp, cgma, for “hybrid work: holistic approach to customer, employee & cybersecurity risks,” aug. 26, 3:30 pm et. register here | learn more

it’s also important to note that protecting taxpayer data is the law. according to the ftc safeguards rule, “tax return preparers must create and enact security plans to protect client data. failure to do so may result in an ftc investigation.” additionally, any “failures that lead to an unauthorized disclosure may subject you to penalties under sections 7216 and/or 6713 of the internal revenue code. read more →

closing the tax gap: more data, more compliance?

tax professionals should brace for a new wave of information reporting.

misreporting by income category: the staggering difference in the tax gaps left by workers with income subject to information reporting and withholding compared to those with income subject to little or no information reporting – less than $10 billion compared with more than $150 billion. (via u.s. department of treasury)

by 卡塔尔世界杯常规比赛时间 research

here’s something the irs has discovered and many tax preparers can probably confirm: while roughly 99 percent of taxes due on wages are paid to the irs, compliance on less visible sources of income is estimated to be just 45 percent.

more: how charlatans, creeps, and ghosts plague the tax profession | grappling with the tax gap | wealthiest taxpayers cheat irs out of $400 billion a year | 173% increase in irs correspondence backlog | hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | imagine irs ‘concierge’ service. just imagine. | irs has recruiting problems, too
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

yes, it seems that americans are more willing to pay what they owe when the irs knows they owe it.
read more →

how charlatans, creeps, and ghosts plague the tax profession

aicpa backs bill to regulate tax practitioners.

by 卡塔尔世界杯常规比赛时间 research

here’s a shocking stat from the treasury department:

“… unregulated preparers who lack the training to provide accurate tax assistance … submit more returns than all other preparers combined.”

more: grappling with the tax gap | wealthiest taxpayers cheat irs out of $400 billion a year | 173% increase in irs correspondence backlog | hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | imagine irs ‘concierge’ service. just imagine. | irs has recruiting problems, too
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

that sounds like trouble in a number of ways:

  • unwitting taxpayers may be paying more taxes than they owe.
  • taxpayers may be left liable for shoddy or shady tax preparation.
  • the irs may be collecting less than it could.
  • taxpayers may be left in a lurch when the irs has questions but the preparer has disappeared.

read more →

salt: the small business disaster waiting to happen

more highlights: “tax season from hell.” the pandemic pivot. small business outlook. digitally-powered recovery.

small business salt: 98% of accountants say small businesses are vulnerable to interstate sales tax issues, including 7% who say “none or almost none” are in compliance and 39% who say “most” are not and another 39% saying only “some” are.  (卡塔尔世界杯常规比赛时间 research)

 

by 卡塔尔世界杯常规比赛时间

three years after the notorious “wayfair” decision, accountants say a vast number of small businesses face new and burdensome interstate sales tax measures. but only a few accountants appear ready to help, according to new research by 卡塔尔世界杯常规比赛时间.

more: survey: rough seas ahead for small business

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

most accountants believe that 98 percent of small businesses – virtually all – are failing to fully comply with all the interstate sales tax issues they may be liable for. and yet, about 71 percent of accountants are falling short of handling all their clients’ sales tax issues, with about 12 percent saying they address “most” issues, 36 percent handling “some,” and 24 percent handling none, according to the new study conducted in conjunction with avalara, the tax management software company.

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