Tax & Current Accounting Topics

Get Ready for Taxes: What’s new and what to consider when filing in 2021 

https://www.irs.gov/newsroom/get-read...

https://accountinginstruction.info/

The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021.

National Tax Security Awareness Week, Day 5: Security Summit alerts tax professionals to potential telework scams during COVID-19, urges all practitioners to use multi-factor authentication 

https://www.irs.gov/newsroom/national... 

https://accountinginstruction.info/

WASHINGTON — The IRS, state tax agencies and the tax industry marked the final day of National Tax Security Awareness Week with a warning to all tax professionals that they face additional challenges from cybercriminals seeking to exploit COVID-19 fears.

Interest rates remain the same for the first quarter of 2021 

https://www.irs.gov/newsroom/interest...

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2021. The rates will be:

Taxpayers should check out these tips before choosing a tax preparer 

https://www.irs.gov/newsroom/taxpayer... 

https://accountinginstruction.info/

IRS Tax Tip 2020-165, December 3, 2020  As taxpayers get ready to file their 2021 taxes, they may be thinking about hiring a tax preparer. People should choose a tax preparer wisely. This is important because taxpayers are responsible for all the information on their return, no matter who prepares it for them.

National Tax Security Awareness Week, Day 4: Security Summit urges businesses to tighten security, offers new protections against identity theft https://www.irs.gov/newsroom/national... 

https://accountinginstruction.info/

IRS YouTube Video: New Security Measures Help Protect Against Tax-Related Identity Theft  English WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry urged businesses to be on guard as thieves try to use their stolen names and data to file fraudulent tax returns.

IRS to employers: Remember February 1, 2021 deadline for Form W-2, other wage statements 

https://www.irs.gov/newsroom/irs-to-e...

https://accountinginstruction.info/

The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by February 1, 2021, to avoid penalties and help the IRS prevent fraud.

National Tax Security Awareness Week, Day 3: IRS expands Identity Protection PIN Opt-In Program to taxpayers nationwide https://www.irs.gov/newsroom/national...

https://accountinginstruction.info/

As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities.

IRS will soon conceal sensitive data on business tax transcripts irs.gov/newsroom/irs-will-soon-conceal-sensitive-data-on-business-tax-transcripts https://accountinginstruction.info/

IRS Tax Tip 2020-164, December 2, 2020  Business tax transcripts will soon look a little different. Beginning December 13, the IRS will conceal some information on business tax transcripts to better protect people from possible identity theft.

Get An Identity Protection PIN (IP PIN) 

https://www.irs.gov/identity-theft-fr...

https://accountinginstruction.info/

An Identity Protection PIN (IP PIN) is a six-digit number that prevents someone else from filing a tax return using your Social Security number. The IP PIN is known only to you and the IRS and helps us verify your identity when you file your electronic or paper tax return.

Tips to help people stay safe online 

https://www.irs.gov/newsroom/tips-to-... 

https://accountinginstruction.info/

These days most people are spending more time at home and a lot more time online. Whether people are online for work, school, a virtual gathering or shopping, online security is more important than ever.  Everyone should be mindful of risks they may encounter when they share devices, shop online and interact on social media.