Issue Number: 2016-15
Inside This Issue
- Tax Pros: Beware of New Scam Targeting Your Computer Systems
- IRS Warns of Continued Scams, Varied Tactics as the Tax Deadline Nears
- YouTube: Extension of Time to File
- “Tax Design Challenge” Begins April 17
- IRS Seeks Applications for the Electronic Tax Administration Advisory Committee
- SSA/IRS Reporter Spring Edition
- Technical Guidance
1. Tax Pros: Beware of New Scam Targeting Your Computer Systems
In advance of the tax deadline, the Internal Revenue Service today warned tax professionals of a new emerging scam in which cybercriminals obtain remote control of preparers’ computer systems, complete and file client tax returns and redirect refunds to thieves’ accounts.
Although the IRS knows of a handful of cases to date, this scam has potential to impact the filing of fraudulent returns in advance of the April tax deadline and is yet another example of tax professionals being targeted by identity theft criminals.
The IRS urges all tax preparers to take the following steps:
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Run a security “deep scan” to search for viruses and malware
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Strengthen passwords for both computer access and software access; make sure your password is a minimum of 8 digits (more is better) with a mix of numbers, letters and special characters
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Be alert for phishing scams: Do not click on links or open attachments from unknown senders
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Educate all staff members about the dangers of phishing scams in the form of emails, texts and calls
Review any software that your employees use to remotely access your network and/or your IT support vendor uses to remotely troubleshoot technical problems and support your systems. Remote access software is a potential target for bad actors to gain entry and take control of a machine. Tax professionals should review Publication 4557, Safeguarding Taxpayer Data, A Guide for Your Business, which provides a checklist to help safeguard taxpayer information and enhance office security.
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2. IRS Warns of Continued Scams, Varied Tactics as the Tax Deadline Nears
The IRS warned this week that scammers may try using the April 18 tax deadline to prey on hard-working taxpayers by impersonating the IRS and others with fake phone calls and emails. Even after the tax deadline passes, taxpayers should know the telltale signs of a scam and tips to protect themselves from a variety of phone scams and phishing emails.
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3. YouTube: Extension of Time to File
This new IRS YouTube video explains how to get more time to file your clients’ tax returns.
Watch this and other videos on the IRS YouTube Channel.
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4. “Tax Design Challenge” Begins April 17
The IRS Tax Design Challenge to encourage innovative ideas for the taxpayer experience of the future begins April 17.
This YouTube video contains additional information.
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5. IRS Seeks Applications for the Electronic Tax Administration Advisory Committee
The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC).
The ETAAC provides an organized public forum for discussion of electronic tax administration issues such as prevention of identity theft and refund fraud in support of the overriding goal that paperless filing should be the preferred and most convenient method of filing tax and information returns. ETAAC members will work closely with the Security Summit, a joint effort of the IRS, state tax administrators and tax software industry to fight electronic fraud.
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6. SSA/IRS Reporter Spring Edition
Don’t miss reading the SSA/IRS Reporter spring edition. This edition covers topics on:
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7. Technical Guidance
Announcement 2016-16 states that the Treasury Department and the IRS intend to withdraw certain provisions of proposed regulations published on January 29, 2016 (81 FR 4976) relating to nondiscrimination requirements applicable to qualified retirement plans under section 401(a)(4).
Notice 2016-29 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code. In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I). The rates in this notice reflect the application of section 430(h)(2)(C)(iv), which was added by the Moving Ahead for Progress in the 21st Century Act, Public Law 112-141 (MAP-21) and amended by section 2003 of the Highway and Transportation Funding Act of 2014, Public Law 113-159 (HATFA).
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