Taxing Subjects

A virtual private network, or VPN, is a third-party service that creates an encrypted connection that can be used to securely access the Internet. Since they provide an extra layer of security, the Security Summit has recommended VPNs as an additional tool for tax professionals who work remotely or routinely send and receive PII and…

Identity theft tax refund fraud occurs when identity thieves use stolen personal identifying information (PII) to file fraudulent tax returns to receive a tax refund check from the Department of Treasury. Identity thieves commonly steal PII through phishing scams, Dark Web auctions, hacking databases, installing malware, and employee unauthorized access. Return to Taxing Subjects Frequently…

Personally identifiable information (PII) is any sensitive private data that can be used to apply for entertainment subscriptions, financial services, and utilities. There is a remarkable amount of information crossover between credit card accounts and streaming subscriptions, which is why the Security Summit recommends taking steps to protect your PII when online.  Identity thieves can…

Remote desktop connection software, like Microsoft’s Remote Desktop Protocol, is a program that allows users to remotely control another device via a network connection, like the Internet. These applications are one method used to facilitate telework arrangements, giving employees a direct, secure tunnel to operate computer workstations and access private intranets that are housed on-site…

The Dark Web makes up roughly five percent of the entire Internet, and it is used for clandestine and illegal activities. Criminals use the Dark Web to facilitate human trafficking and sell illicit goods, like drugs and stolen personally identifiable information (PII). Identity thieves buy and sell personally identifiable information (PII) on the Dark Web.…

The Deep Web is the part of the Internet that is not visible to search engines like Google. This content generally requires credentials to access, and some estimates project that it represents 96 percent of online content. While academic and business databases make up the bulk of the Deep Web, some of it is only…

Taxpayers who derive income from a rental real estate enterprise and meet the following requirements may claim the QBI safe harbor outlined in Rev. Proc. 2019-38: Separate books and records are maintained to reflect income and expenses for each rental real estate enterprise. For rental real estate enterprises that have been in existence less than…

The section 199A qualified business income (QBI) deduction was introduced by the Tax Cuts and Jobs Act of 2017. While the TCJA cut the C-corporation tax rate to 21 percent, the QBI deduction lets taxpayers deduct qualifying income connected to certain passthrough entities: 20 percent of net qualified business income plus 20 percent of qualified…

Taxpayers who have taxable income that is connected to the following types of businesses may qualify for QBI: Sole proprietorship Partnership (as a partner) S corporation (as a shareholder) Trust or estate (as a beneficiary) Farms Certain rental properties Income from a specified service trade or business may also qualify if it is below a…

Data Security What is the Security Summit? What is Identity Theft Tax Refund Fraud? What are the signs of identity theft tax refund fraud?   What is Personally Identifiable Information? What are phishing scams?  What is the Dark Web?   What is the Deep Web? What is malware?   What is employee unauthorized access? What is a virtual…