TAXATION


10 Signs of Client Data Theft
 

10 Signs of Client Data Theft

Posted: August 6, 2019
​Tax professionals need to learn the tell-tale signs that their office may have experienced a data theft that resulted in fraudulent tax returns being filed in their clients’ names.

Desk  Audits — More Common Than You Might Think
 

Desk Audits — More Common Than You Might Think

Posted: August 2, 2019
While the New Jersey Division of Taxation audit workforce has not seen a reduction on par with the IRS, it conducts a significant number of desk audits. The New Jersey Division of Taxation focuses most of its desk audits on the resi­dent credit claimed for taxes paid to other jurisdictions.

Tax Pros: Be Aware of Risks Posed by Phishing Emails
 

Tax Pros: Be Aware of Risks Posed by Phishing Emails

Posted: August 1, 2019
The IRS, states and tax industry partners warn tax professionals to beware of the continuing threat of phishing emails, which remain the most common tactic used by cybercriminals to steal sensitive data.

IRS Issues Guidance on Making or Revoking the Bonus Depreciation Elections
 

IRS Issues Guidance on Making or Revoking the Bonus Depreciation Elections

Posted: July 31, 2019
The IRS has issued a Revenue Procedure allowing a taxpayer to make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after Sept. 27, 2017, and placed in service by the taxpayer during its taxable year that includes Sept. 28, 2017.

Is the House Laying the Groundwork for a Major Tax Increase?
 

Is the House Laying the Groundwork for a Major Tax Increase?

Posted: July 29, 2019
The House Ways and Means Committee held a legislative hearing Thursday on the Social Security 2100 Act, a bill that would increase the Social Security tax by 2.4 percentage points to 14.8 percent and lift the cap on wages it's assessed against.

IRS Cracking Down on Virtual Currency Transaction Reporting
 

IRS Cracking Down on Virtual Currency Transaction Reporting

Posted: July 26, 2019
The IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.


6 Ways for Tax Professionals, Taxpayers to Be Safer Online
 

6 Ways for Tax Professionals, Taxpayers to Be Safer Online

Posted: July 19, 2019
The IRS and the Security Summit partners are urging tax professionals to review critical security steps to ensure they are fully protecting their computers and email as well as safeguarding sensitive taxpayer data.

NJCPA Calls on New Jersey’s U.S. Senators and Representatives to Support Practitioner Services Division at IRS
 

NJCPA Calls on New Jersey’s U.S. Senators and Representatives to Support Practitioner Services Division at IRS

Posted: July 16, 2019
This past May, several hundred CPAs from across the nation met with Members of Congress to ask for their support of consolidating existing IRS units into a Practitioner Services Division so that taxpayer issues are more efficiently resolved. These efforts proved effective – IRS Commissioner Rettig announced last week that he is considering the creation of a Practitioner Services Division, saying he understands the need for such a unit.​

The Federal Taxation Interest Group provides an open forum to discuss and educate members on Federal taxation issues, both domestic and international. 

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