As Ben Franklin once said, nothing in life is certain except for death and taxes. And add to that a new pressing issue for businesses: the increasing prevalence of tax scams, particularly those involving fraudulent claims for tax credits. As a recent alert issued by...
After a tax filing season that saw a growing number of scams, the IRS and several partners from the private and public sectors said they’re going to work together to combat fraud. “We will do more to work closely together, share information faster, respond quickly...
April has come and gone but a slew of IRS notices loom this fall as companies may be on the hook for erroneously filed returns, or incorrect information tied to details as simple as names and addresses. Wendy Walker, VP, Regulatory Affairs at Sovos, told...
The Security Summit has issued a stern warning to tax professionals, urging them to heighten their awareness of indicators of identity theft as part of the ongoing “Protect Your Clients; Protect Yourself,” initiative. The IRS and its coalition of partners emphasized the shifting strategies of...
September 10, 2024
As Ben Franklin once said, nothing in life is certain except for death and taxes. And add to that a new pressing issue for businesses: the increasing prevalence of tax scams, particularly those involving fraudulent claims for tax credits. As a recent alert issued by the U.S. Internal Revenue Service (IRS) highlights, these scams have […]
August 02, 2024
April has come and gone but a slew of IRS notices loom this fall as companies may be on the hook for erroneously filed returns, or incorrect information tied to...
July 24, 2024
The Security Summit has issued a stern warning to tax professionals, urging them to heighten their awareness of indicators of identity theft as part of the ongoing “Protect Your Clients;...
June 05, 2024
Tax season might be over. But then again, there’s always next year. As Wendy Walker, solution principal at Sovos, told PYMNTS, the complexities of tax reporting will still demand that...
November 14, 2024
U.S. government agencies are reportedly investigating Citigroup’s anti-money laundering (AML) policies and its ties to a sanctioned Russian official. The Department of Justice (DOJ), the FBI and the IRS are looking at the bank’s work for a trust that holds assets owned by Russian billionaire Suleiman Abusaidovich Kerimov, Bloomberg reported Thursday (Nov. 14), citing unnamed sources. […]
August 16, 2024
After a tax filing season that saw a growing number of scams, the IRS and several partners from the private and public sectors said they’re going to work together to...
July 16, 2024
The IRS is warning tax professionals of a rise in scams designed to steal taxpayer information. The tax agency and its “Security Summit” partners — a group of state tax...
June 20, 2024
The IRS plans to deny tens of thousands “improper high-risk” Employee Retention Credit (ERC) claims amounting to billions of dollars. This decision follows a review of a group of more than...
