Tax fraud fears on the rise in America

More than two-thirds of U.S. consumers are concerned about tax fraud and identity theft this year, according to a recent survey. Their fears are well-founded: More than one-third reported having had their identity stolen in the past.

The burden of increased digitization of financial and general communication infrastructure is cyber security. While going paperless is faster, more efficient and more convenient for accountants, their clients, and everyone in between, security must remain a central consideration as firms go electronic. The IRS has issued several alerts about tax scams warning of a 400 percent surge in phishing and malware incidents this tax season, including a surge in W-2 phishing and TurboTax hacking attacks.

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2017 Income Tax Season: Last-Minute Tips For Filing Your Returns

HUDSON VALLEY, NY — Early-bird taxpayers have already collected their income tax returns, while procrastinators have an extra weekend to submit their tax returns in 2017. Because of a holiday in the nation’s capital, the filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date, which falls on a Saturday.

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IRS Polices What Is Tax Planning Or Tax Evasion

Tax planning–even tax avoidance–can be OK, but not tax evasion, so how do you tell the difference? It is tax filing season and whether you’ve started or not, it isn’t pleasant. And the stakes are high. After all, every IRS tax return must be filed under penalties of perjury. Many people assume that the IRS will not impose penalties if you weren’t actually trying to cheat on your taxes. Taxes are complex, and mistakes happen. But the burden is on you to show that you acted reasonably (such as by relying on professional tax advice). If you can’t, you will probably end up with penalties.

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IRS offers a new way for small business startups to claim the research tax credit

The Internal Revenue Service has issued a notice explaining how small businesses can take advantage of a new option allowing them to apply a portion or all of their research credit against their payroll tax liability, instead of their income tax liability.

Before 2016, taxpayers could only take the research credit against their income tax liability, but thanks to the PATH Act legislation passed at the end of 2015, they have a new option.

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