Phishing still a threat on “Dirty Dozen” list
The IRS warns taxpayers to remain vigilant when it comes to fake emails and other internet phishing scams used in an attempt to steal personal information. If you get an unsolicited email or social media message that appears to be from either the IRS or an organization closely linked to the IRS (like the Electronic Federal Tax Payment System), you should report it by sending it to email@example.com.
Protect your personal info
To safeguard against identity thieves who continue to steal large amounts of data, the IRS urges taxpayers to take the following steps to protect personal information:
- Use computer security software (including firewalls and malware protection).
- Use strong passwords.
- Be cautious of email attachments.
- Avoid oversharing personal information on social media sites.
- Keep old tax returns and records in a secure place.
Reminder: 2019 alimony rule change
Alimony is no longer a tax deduction for those paying it, nor income for those receiving it. This rule change does not impact divorce agreements reached before 2019. Now is the time to review any prenuptial agreements and exercise caution when changing an existing divorce arrangement.
Second-quarter interest rates stay the same
Interest rates for the second quarter in 2019 have stayed the same since the first quarter. The rates are as follows: 6 percent for overpayments (5 percent for corporations), 3.5 percent for the portion of a corporate overpayment over $10,000, 6 percent for underpayments and 8 percent for large corporation underpayments.
As always, we hope you find our tips and news for businesses valuable, and look forward to receiving your feedback. Companies focused on growth have sought the help of Insero & Co. for more than 40 years. During that time they have consistently experienced the peace of mind that comes from knowing their CPA firm takes the concept of integrity seriously. Should you have any questions, please contact us directly.