Imagine waking up to find your business’s identity stolen. Business identity theft is on the rise, and the IRS is working to fight back. In this article, we’ll break down how these crimes happen and what tax professionals and business owners can do to stay secure, protected, and alert.
Digital money is reshaping how we spend, save, and invest. From Bitcoin to Venmo, financial habits are changing fast—and so are IRS rules. In this article, we’ll explore what tax professionals need to know to stay ahead and help clients navigate the evolving tax landscape around cryptocurrency and digital payments.
Stay informed with our latest insights and expert outlook from our team at Protection Plus. In this article, take a deeper dive into topics highlighted in our April Tax News Roundup. We look at the IRS's evolving position on data sharing, whistleblower reforms, basis-shifting transactions, and calls to destroy BOI data, plus actionable steps tax professionals can take today. Stay informed and prepared!
Staying ahead of tax policy changes is crucial for tax and accounting professionals. In this article, we explore March's most impactful updates, such as the IRS's potential data-sharing agreement with ICE and its impact on taxpayer confidentiality. We also discuss FinCEN's BOI reporting exemption, IRS workforce cuts, and tax season scams on the rise. Stay informed and prepared with our expert insights!
Stay informed with our latest insights and expert outlook from our team at Protection Plus. In this article, dive deeper into topics highlighted in our February News Roundup. We examine FinCEN's 30-day filing delay following the BOI injunction lift, IRS job cuts impacting small business services, and enforcement actions against fraudulent tax preparers. Discover actionable steps to safeguard your practice.
Form 1099-K, or “Payment Card and Third Party Network Transactions,” helps the IRS track payment transactions and ensure accurate income reporting. Issued by banks, credit card companies, and platforms like PayPal, it reports total yearly transactions. In this article, we’ll cover key players, lower reporting thresholds, IRS transition periods, filing rules, fixing mistakes, and what this means for your clients.
Due diligence is key for tax professionals handling credits like EITC, CTC, AOTC, or HOH. We understand that staying compliant with IRS rules can feel overwhelming, but understanding due diligence audits helps protect your practice, avoid penalties, and maintain client trust. In this article, we’ll explore Due Diligence Audits in depth, helping you navigate them with confidence and ease.
Stay informed with our latest insights and expert outlook from our team at Protection Plus. In this article, take a deeper dive into topics highlighted in our January News Roundup. We cover the IRS Chief’s resignation, the latest fraud prevention measures for tax filings, and disaster relief for LA fire victims. Plus, we address actionable strategies to navigate these developments with confidence.
Thinking about making your home more energy-efficient? In this article, we’ll explore IRS tax credits that help offset the cost of upgrades, saving you money on taxes and energy bills. From solar panels to improved insulation, programs like the Residential Clean Energy Credit and Energy Efficient Home Improvement Credit offer savings. Learn how to maximize these benefits!
In this article, we explore how the IRS, under its Strategic Operating Plan, is ramping up audits for complex tax filings and noncompliance to close tax gaps. Key actions include using AI to target partnerships, collecting taxes directly from these entities, and implementing stricter measures on estate planning strategies that allow tax-free wealth transfers.