In today’s digital age, safeguarding sensitive data is more crucial than ever, especially for tax professionals who handle vast amounts of personal and financial information. Recognizing the ongoing threat of identity theft and data breaches, the IRS, in partnership with the Security Summit, has released an updated Written Information Security

As the second quarter comes to an end, it’s important to keep an eye on a key date: June 17, the IRS deadline for the second quarter estimated tax payment. If your income isn’t subject to withholding, such as earnings from self-employment or investments, you must pay on time. Otherwise,

With tax season in full swing, scammers are out in force, and this year, tax professionals are a prime target. The IRS has issued a warning about a surge in “EFIN scam” emails, where cybercriminals impersonate tax software companies to steal Electronic Filing Identification Numbers (EFINs). What are EFINs and

In an effort to enhance transparency and combat financial crimes, the United States has implemented a significant regulatory change with the introduction of a new federal reporting requirement for Beneficial Ownership Information (BOI). The requirement aims to shed light on the individuals behind legal entities, making it more difficult for

In a recent announcement, the Internal Revenue Service (IRS) has revealed a significant development that will impact businesses and individuals alike. The IRS has decided to delay the implementation of changes to the reporting threshold for Form 1099-K, specifically concerning payments made through third-party platforms. This delay comes as a