Nevada CPA

IRS Resources

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Tax Security 101 – IRS, Security Summit partners launch new awareness campaign; Urge tax professionals to step up protections for client data

July 10, 2018

The IRS is beginning a 10-part series of news releases over 10 weeks called "Protect Your Clients; Protect Yourself: Tax Security 101," with each new tip released the following Tuesday.  To mark the start of this awareness campaign, the IRS revised Publication 4557, Safeguarding Taxpayer Data, to better reflect the current threats to tax professionals. The guide outlines basic steps tax professionals should take, how to take them and provides details on how to comply with requirements for a data security plan. The IRS also created a new product, Publication 5293, Data Security Resource Guide for Tax Professionals, which highlights a compilation of IRS.gov resources for tax preparers. Click…

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IRS issues notice on state and local tax deductions

July 10, 2018

The U.S. Department of the Treasury and the Internal Revenue Service issued a notice today stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice 2018-54 also informs taxpayers that federal law controls the characterization of the payments for federal income tax purposes regardless of the characterization of the payments under state…

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