News & Analysis as of September 22, 2024

Cybersecurity › Tax Returns

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

IRS Use of AI Can Close Tax GAP

Foodman CPAs & Advisors on 9/12/2024

On 10/12/23, the IRS announced new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a rise of more than $192 billion from the prior estimates for...more

Investigations Newsletter: Arkansas Men Convicted in $18 Million Global Investment Fraud Conspiracy

ArentFox Schiff on 9/11/2023

Arkansas Men Convicted in $18 Million Global Investment Fraud Conspiracy - A federal jury in the Western District of Arkansas convicted four men of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money...more

Why Family Offices Turn to Embedded Security Managers for Security, Safety, and Peace of Mind.

Guidepost Solutions LLC on 12/13/2022

A recent Forbes article details the significant growth of family offices worldwide, particularly in North America. While not as large as titans like Walton Enterprises LLC or Bezos Expeditions, these new single and...more

Taxpayer Cybersecurity – Step 5: Create a Data Theft Recovery Plan

Snell & Wilmer on 8/27/2019

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

Taxpayer Cybersecurity – Step 4: Recognize Identity Theft

Snell & Wilmer on 8/15/2019

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

2018 Virginia General Assembly Wrap-Up: Modest Privacy-Related Bills Adopted

McGuireWoods LLP on 4/30/2018

The 2018 Regular Session of the Virginia General Assembly recently concluded after considering approximately 3700 bills and resolutions during the 60-day session. Several privacy-related bills were on the legislative agenda,...more

Employers Take Note: Tax Season Phishing Scams on the Rise

Fisher Phillips on 2/21/2018

It is tax season once again, and with it comes an increased threat of phishing scams targeting human resources and payroll personnel. In 2016, the IRS alerted employers to a then-emerging email phishing scheme in which...more

Virginia General Assembly to Tackle a Variety of Privacy Related Bills

McGuireWoods LLP on 1/23/2018

The Virginia General Assembly is underway and several privacy related bills are on the legislative agenda for 2018. The Virginia legislature will consider approximately 3,000 bills during its 60-day session that will end in...more

Federal Court Permits Former Employees’ Data Breach Claims To Move Forward

Jackson Lewis P.C. on 12/13/2017

A data breach occurs in which an outside individual obtains your company’s employees’ W-2 forms including social security numbers, addresses, and salary information. As a result, your company notifies all affected employees,...more

Equifax Breach: What Can the Hackers Do with Your Information and How Can You Protect Yourself?

Bowditch & Dewey on 9/22/2017

The Equifax breach is not the biggest in terms of the number of people affected (the 2016 Yahoo breach compromised data associated with over 500 million user accounts compared to the 143 million people affected by the Equifax...more

Federal Tax Treatment of Employer-Provided Identity Protection Services

Robinson+Cole Data Privacy + Security Insider on 7/17/2017

In the wake of several recent high-profile security breaches, employers are increasingly viewing identity theft protection as an essential employee benefit for employees. According to Willis Towers Watson’s 2016 voluntary...more

Stolen Tax Returns? Virginia Seeks a Solution.

Foley Hoag LLP - Security, Privacy and the... on 7/5/2017

Did someone steal your tax return? You are not alone. Indeed, the rise in tax-related identity theft has been well documented. In 2015, the FTC reported a 50% increase in identity theft complaints. A primary cause for...more

Tax Season Becomes "Spear Phishing" Season for Cybercriminals

Baker Donelson on 1/19/2017

Imagine this scenario. Your HR team receives an email from your CEO: "I want you to send me W-2s of employees' wage and tax statement for 2015, I need them in PDF file type, you can send it as an attachment." They hurry to...more

2016 was the Year of the Data Breach

Robinson+Cole Data Privacy + Security Insider on 12/30/2016

Although every year we lament about the significance of data breaches in the past year, 2016 was by far the worst. Data breaches were rampant, victimizing every industry and numbing consumers in the process. It was so bad...more

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

Proskauer Rose LLP on 11/16/2016

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

Senate Legislation Seeks To Protect Taxpayer Data In Response To IRS Data Breach

King & Spalding on 9/24/2015

On September 11, 2015, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) introduced a bill aimed at combating identity theft and tax rebate fraud. The legislation comes as the Internal...more

The IRS Acknowledges Data Breach Worse Than Reported

King & Spalding on 8/28/2015

On August 17, 2015, the Internal Revenue Service (“IRS”) announced that a breach of U.S. taxpayers’ personal information, first disclosed in May, was three times worse than previously thought. While initial reports indicated...more

IRS Admits Security Breach More Extensive

Lowndes on 8/18/2015

Earlier this year, the IRS announced that identity thieves had been able to hack one of its computer databases and gain access to extremely sensitive data. Back then, the IRS indicated that about 225,000 households had been...more

IRS Data Breach Draws Congressional Ire

King & Spalding on 6/3/2015

Responding to the recently disclosed Internal Revenue Service (“IRS”) data breach, congressional leaders are demanding answers from the agency regarding its handling of confidential tax information. Senate Finance Committee...more

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