The Federal Insurance Compensation Act imposes a tax on employers and employees in equal amounts to provide funding to the federal government in support of the Social Security and Medicare programs in the United States. Self-employed individuals must pay the entire tax themselves.
Much of the business discussion around cyber security relates to protection of key assets such as customer information and intellectual property, often after the news that another company has suffered a large data breach.
Leaders from the IRS and state tax agencies along with executives from the private-sector tax industry marked the first year of their ground-breaking Security Summit partnership to combat identity theft tax fraud by recapping 2016 accomplishments and turning toward 2017 efforts.
What should you do when you suspect fraud? Play this one minute video to find out.
The Internal Revenue Service (IRS) urges all tax return preparers to get off to a clean start this January and perform a security deep scan of their computer drives and devices.
Already in 2016, the IRS is seeing multiple email phishing scams – some posing as the IRS – targeting tax preparers. These scams are designed to steal sensitive information – either the preparers’ passwords for IRS accounts or sensitive taxpayer data stored on computers.