Tax

The financial services industry is perhaps the most targeted because of the value of data it possesses. And the most frequently targeted are CPAs and those who prepare tax returns.

Want to know when you might get your 2020 income tax refund? This chart shows estimated dates, based on when a taxpayer files.

With just a few days remaining until the deadline, the Internal Revenue Service reminds employers and other businesses that Jan. 31 is the filing deadline for submitting wage statements and forms for independent contractors with the government.

The Internal Revenue Service has provided relief to financial institutions that were expected to provide required minimum distribution (RMD) statements to IRA owners by Jan 31, 2020.

The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the April 15 tax deadline.

Depending on a client’s situation, contributions made to an IRA in 2020 may be wholly or partially tax deductible on a 2019 tax return. This is an opportunity for clients to reduce their tax liability after the close of the tax year.

According to the latest data, the IRS is finally putting a dent in the estimated $441 billion “tax gap” through its private debt collection program. But there’s still a long way—a very long way— to go.

According to the IRS, a ghost preparer does not sign a tax return they prepare. Unscrupulous ghost preparers will print the return and tell the taxpayer to sign and mail it to the IRS. For e-filed returns, the ghost will prepare but refuse to digitally...