Tax Security 101: Tax professionals must maintain, protect EFINs; Monitor EFINs, PTINs and CAF numbers

The IRS issued a warning for tax professionals regarding cybercriminals.  The news release is as follows:

The Internal Revenue Service and the Security Summit partners warned tax professionals that savvy cybercriminals target IRS-issued identification numbers to help impersonate practitioners as well as taxpayers.

To help protect against this threat used … Continue reading

Proposed 199A Regs Issued

The U.S. Treasury Department and IRS today released for publication in the Federal Register proposed regulations (REG-107892-18) concerning a provision enacted under the new tax law that allows certain owners of sole proprietorships, partnerships, trusts, and S corporations to deduct 20% of their qualified business income.

According to the KPMG Continue reading

Notice 2018-62: Regulations to be Issued on Recent ABLE Account Changes

Treasury has issued Notice 2018-62, announcing that Treasury intends to issue proposed regulations clarifying recent law changes to the limits on contributions to ABLE accounts. Notice 2018-62 includes rules on:

  • additional contributions by an employed designated beneficiary;
  • the definition of poverty line;
  • excess contributions from the designated beneficiary.

Taxpayers, beneficiaries, … Continue reading