Tax Planning Year Round

In this blog post, the IRS recommends ways to keep up with your taxes throughout the year so that when tax time approaches you’ll be prepared and not stressed. A few of the suggestions include, organizing tax records, adjusting check withholding, and saving for retirement. Read more here and start planning for next year’s tax season today. Tax planning doesn’t stop after a taxpayer files a tax return

IRS Tax Scams

Named to the “Dirty Dozen” list of scams, “Spear Phishing,” has been highlighted in a press release issued by the IRS on June 9th. The agency warns that tax preparers and accountants may fall prey to these bogus emails that appear to be from tax preparation services alerting the recipient to unusual activity on an account. As stated in the article, they advise individuals to enjoy a well deserved break now that filing season is over but not to let down your, “IT defenses.” The article also offers this detailed list of further reading to help protect yourself and your business.

From the article, “For tips on cybersecurity for CPA tax practices, see Rood, “Professional Liability Spotlight: Don’t Get Victimized by a Cybercriminal,” JofA, October 2021; Odom, “Tax Clinic: Keeping Client Data Secure: How’s Your Cybersecurity Immunity?” The Tax Adviser, December 2021; and “Professional Responsibilities in Data Security for Tax Professionals,” AICPA Resources.”

‘Dirty Dozen’: Spear phishing targets tax pros

IRS Loses Lawsuit Challenging Authority to Regulate Tax Preparers

irslosesIn a stunning blow to the Internal Revenue Service’s efforts to regulate the tax preparation profession, a federal judge struck down the IRS’s licensing requirements for tax preparers on Friday, including testing and continuing education.

 

Read more in Accounting Today.