Are you wondering when a US taxpayer should consider the IRS Voluntary Disclosure Program or VDP? Are you concerned about unreported or under-reported income, financial accounts, assets, investments, cryptocurrency or...more
De acuerdo con el IRS y FinCEN, los casinos con licencia para hacer negocios como casinos y que tienen ingresos brutos anuales de juego superiores a $1,000,000 son instituciones financieras sujetas a los requisitos de la Ley...more
Whether because of the tight U.S. labor market or flawed onboarding processes, many undocumented workers are becoming participants and accruing benefits in ERISA-governed employee benefit plans. Dealing with such plan...more
Critical in Cases of Identity Theft or Fraud A news release issued by the Internal Revenue Service (IRS) on July 30, 2021, reminds holders of Employer Identification Numbers (EINs) that a change in responsible party requires...more
Tax identity theft continues to be a significant problem for taxpayers. Tax identity theft occurs when criminals use the personal information of individuals and file fraudulent tax returns before the taxpayer does, requesting...more
With data breaches becoming a common event throughout the world, the Internal Revenue Service (“IRS”) has been undertaking a number of initiatives aimed at enhancing its security of taxpayer information and preventing the...more
In final regulations set to take effect for 2020 Forms W-2, the IRS gives employers the option of using truncated Social Security numbers (SSNs) on employee Forms W-2 issued after December 31, 2020. The new rules are an...more
The Security Summit, consisting of the Internal Revenue Service (“IRS”), state tax agencies, and private-sector tax industry officials, is encouraging tax professionals during the 2019 summer season to take some time to...more
Effective May 13, 2019, the Internal Revenue Service (IRS) changed the requirements for obtaining an employer identification number (EIN}. The IRS no longer permits an entity to be named as the “responsible party” on IRS Form...more
An entity operating in the U.S. needs a U.S. Federal employer identification numbers (“EIN”) in order to open a bank account in the United States, act as an employer, file a tax return and complete certain other corporate...more
The Internal Revenue Service announced that it has revised the Employer Identification Number application process in order to provide greater security and improve transparency. The revision will require that each applicant’s...more
Last week was National Consumer Protection Week. In celebration of that, this post is devoted to protection from tax identity theft. ...more
As tax season winds on, the W-2 form scam has emerged as one of the most dangerous and common phishing email schemes during this time of year....more
French investments in the U.S. vary largely in terms of scale and nature, but whatever it is a small French startup only creating an even smaller U.S. subsidiary or a large French corporation acquiring and restructuring an...more
Many spouses change their last name when they get married. If the marriage ends in divorce, they may choose to resume their maiden or former name....more
In a recent Public Service Announcement dated February 21, 2018 entitled “Increase in W-2 Phishing Campaigns,” the Federal Bureau of Investigations (FBI) issued another alert about an increase in phishing campaigns since the...more
With a new tax season approaching, companies should be vigilant in guarding against criminals attempting to obtain sensitive information through a variety of scams. Last month, the IRS issued an alert warning consumers of an...more
As employers prepare to send employees their W-2s for last year by the end of the month, cybercriminals are preparing phishing emails under the guise of company executives requesting personal information on employees. The IRS...more
The IRS is putting an increased emphasis on identity theft protections for business returns as a result of an increase in fraudulent business tax returns in recent years. The IRS will be asking tax professionals to gather...more
This is a reminder that tax-exempt organizations operating on a calendar-year (January 1 – December 31) have a filing deadline for Form 990-series information returns on May 15. To avoid potential penalties or risk of losing...more
HR and payroll professionals nationwide have been, and will continue to be, targeted with e-mails apparently sent by a senior executive but actually sent by scammers who ask for a prompt reply with the 2016 W-2s for all of...more
Tax returns and W-2s are information rich documents that contain the name and Social Security Number of an employee, as well as information concerning their salary and address, and personal behavior and characteristics (e.g.,...more
With tax season in full swing, the Internal Revenue Service (IRS), state tax agencies, and tax industry groups recently renewed a warning about Form W-2 email spear-phishing scams. ...more
In a September 12, 2016 Fast Laner article, it was incorrectly stated that penalties that could be issued by the IRS for late or incorrect forms submitted pursuant to the Affordable Care Act (ACA) were capped at $1.5 million....more
The Affordable Care Act’s (ACA) electronic reporting requirements for larger companies may inadvertently notify employers of employees using incorrect Social Security numbers. The ACA requires certain large employers with 50...more