Work-From-Home Data Leaks: A Huge Financial Threat
According to Deloitte, since the pandemic began, the number of spam, phishing, and fraudulent business emails employees receive while working remotely has increased by 25%. Weak home Wi-Fi security, unsecure passwords, and email phishing scams put work-from-home individuals at the most risk. We often talk about cybersecurity on our blog. Why? Because over the years, […]
Your Business Is at Risk of Fraud in 2021
Be on the alert: Scams involving employee theft and embezzlement, cyber fraud, vendor payments, and more are on the rise—at a rate of 79% more fraud since May. The Association of Certified Fraud Examiners (ACFE) spent the past year studying how the COVID-19 pandemic has affected business and employee fraud. The news isn’t good, unfortunately. […]
What’s New from the IRS?
The IRS issued several final rules and other tax announcements at the close of 2020. Several may affect your upcoming tax filing, particularly if you’re a business owner. Take a look at the following examples: Charitable Extras If you were a generous giver in 2020, the federal government wants to reward you. C Corporations can […]
PPP Loan Changes and an Intro to PPP2
Did you receive a federal Paycheck Protection Program (PPP) loan in 2020? Do you need additional funds in 2021? With the newest COVID-19 relief bill that passed in December 2020 comes some critical changes, whether you’re hoping for new funding in 2021 or figuring out how to deduct and compute any 2020 PPP funds you […]
Tax Adjustment Dispute? It’ll Be Scanned for Pandemic Exploitation
John Hughes, director of the IRS Advance Pricing and Mutual Agreement (APMA) Program, said his department was aware of the potential for “opportunism” among taxpayers to adjust their tax positions while blaming the pandemic. It’s something they’ll be watching for closely. His comments are in reference to taxpayers who hold advance pricing agreements (APAs) with […]
The IRS Cryptocurrency Crackdown
Trading in Bitcoin? Getting paid by a client via Coinbase? It’s clear the IRS is no longer ignoring cryptocurrency activity. In fact, it’s planning to spotlight virtual currency front-and-center on the first page of your 2020 personal income tax return. “It first became part of the wider 1040 individual tax return form for 2019, but […]
Tax-Free Education: A Study Guide
Going back to school? Want to help with a family member’s education expenses? Each one of these non-traditional learning routes can come with tax benefits. For your career: Ready to hit the books again? It’s a great way to upskill or refresh your expertise. There are several ways to fund these pursuits: You may be […]
Feds Finalize Opportunity Zone Guidance
The IRS and U.S. Treasury have finalized regulations for those interested in investing in qualified opportunity zones (QOZs). QOZs were introduced as part of the 2017 tax reform as a way for taxpayers to temporarily defer income gains by investing corresponding amounts into certain development projects. The new guidelines, along with local incentives, have made […]
New Overtime Pay Rules Are In Place
About 1.3 million American workers are newly eligible for overtime pay. Are your employees among them? The U.S. Department of Labor (DOL) updated the earnings threshold necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime pay requirements. The rule, which went into effect January 1, […]
Liberty Tax Settles Federal Fraud Case
Just because a nationwide tax preparation company is well known doesn’t mean the advice given by its representatives is wise or even legal. Liberty Tax Services drove home that point earlier this month. It settled with the federal government for failing to maintain adequate controls over tax returns prepared by its franchisees and, in some […]