2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
Read MoreThe IRS and the Security Summit concluded their eight-week summer awareness campaign by urging tax professionals to implement stronger security measures to protect themselves and their clients from escalating identity theft threats. This final installment of the “Protect Your Clients; Protect Yourself” series focused on the importance of safeguarding sensitive information against increasingly sophisticated cyberattacks.
Throughout the campaign, the IRS highlighted the alarming trend of identity thieves targeting tax professionals to harvest personal and financial data. Despite the Security Summit’s efforts since its inception in 2015, which have successfully bolstered the tax system’s defenses, cybercriminals have adapted by focusing on more direct methods to compromise tax professionals. In the first half of 2024 alone, nearly 200 data breaches involving tax professionals have been reported, potentially affecting up to 180,000 clients.
Key recommendations from the IRS include implementing multi-factor authentication (MFA) and adhering to a Written Information Security Plan (WISP), as mandated by the Federal Trade Commission. These steps are crucial for ensuring that only authorized individuals can access sensitive tax information, thereby reducing the risk of data breaches. The IRS also stressed the importance of recognizing phishing schemes and social media scams that attempt to deceive tax professionals into divulging sensitive information.
As the campaign wraps up, the IRS and the Security Summit continue to provide resources and guidance to help tax professionals stay vigilant. By adopting these enhanced security measures, tax professionals can better protect their clients and contribute to the overall integrity of the tax system in the face of ongoing cyber threats.
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
Read MoreThe IRS, in partnership with the Coalition Against Scam and Scheme Threats (CASST), has unveiled new initiatives for the 2025 […]
Read MoreThe IRS reminded disaster-area taxpayers that they have until February 3, 2025, to file their 2023 returns, in the entire […]
Read MoreThe IRS has announced plans to issue automatic payments to eligible individuals who failed to claim the Recovery Rebate Credit on their […]
Read MoreFlorida has issued motor vehicle sales tax rates by state as of January 15, 2025. Florida law allows a partial […]
Read MoreFor purposes of calculating the 2025 intangible personal property tax on governmental leaseholds, the Florida Department of Revenue has issued […]
Read MoreThe IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against […]
Read MoreThe IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists […]
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