Federal Tax Posts Sept4

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Post 1:

Federal Tax PostsAvoid “phishing” trips. More than 90% of all data thefts begin with a phishing email, according to the IRS. Cybercriminals use phishing emails and malware to gain control of computer systems or to steal usernames and passwords. One common tactic is “spear phishing.” This is when a thief poses as a trusted source and “baits” the target into opening an embedded link or attachment, which is actually a website controlled by the thief. The IRS warns that businesses are “only as safe as their least educated employee.” So, to increase your company security, ensure that every employee knows how to spot these scams and avoid phishing trips.

Post 2:

Federal Tax PostsTaxpayers with certain foreign financial accounts must report them on their returns. They may also need to file a Report of Foreign Bank and Financial Accounts (FBAR) or face penalties. One taxpayer didn’t file FBARs for his Swiss accounts, prior to 2011. In 2011, he signed an agreement with the IRS to voluntarily disclose the accounts and extend the tax return review period. Later he claimed the agreement was invalid and opted out. When the IRS assessed penalties on his 2006-2009 returns, he said the assessments were made after the limitation period expired. The IRS pointed to his signed consent, and a U.S. District Court agreed that his argument was meritless.

Post 3:

Federal Tax Posts

Many temporary tax provisions have expired since the end of 2017. Many more will expire by Dec. 31, 2019. A bipartisan U.S. Senate Finance Committee has been charged with studying the effectiveness of the provisions and identifying options for long-term solutions. In the last of six reports on these provisions, the Employment and Community Development Taskforce examined policies that were aimed at increasing participation in the workforce and expanding economic opportunity in low-income communities. Among the policies considered were the new markets tax credit; the work opportunity tax credit; the empowerment zone tax incentives and more. For the report conclusions:http://bit.ly/2jX3UO7

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