|Genesis Accounting and Tax Services
2431 Aloma Avenue Ste., 148 Winter Park FL 32792
Tel - 321-444-2334 407-512-1300 949-636-2095
Our priority and our efforts are to serve you professionally with
our best of ability and to protect your business and personal
information FROM IDENTITY THIEVES
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PROTECT YOUR BUSINESS INFORMATIONS &
Small business identity theft is a big business for identity
thieves. Just like individuals, businesses may have their
identities stolen, and their sensitive information used to open
credit card accounts or used to file fraudulent tax refunds for
bogus refunds. As such, small business owners should be on
guard against a growing wave of identity theft against
In the past year, the Internal Revenue Service has noted a
sharp increase in the number of fraudulent Forms 1120, 1120S
and 1041 as well as Schedule K-1. These fraudulent filings
apply to partnerships as well as estate and trust forms.
Security Summit partners (IRS, state tax agencies, and the
private-sector tax community) have expanded efforts to
protect business filers better and identify suspected identity
Identity thieves display a sophisticated knowledge of the tax
code and industry filing practices and have long made use of
stolen Employer Identification Numbers (EINs), which they
use to create fake Forms W-2. These fake Forms W-2 are then
used to file with fraudulent individual tax returns.
Digital thieves, also used EINs to open new lines of credit or
obtain credit cards but until recently were only targeting
individuals. Now, they are using company names and EINs to
file fraudulent returns.
What to Watch out for
As with fraudulent individual returns, there are certain signs
that may indicate business identity theft. Business,
partnerships and estate and trust filers should be alert to
potential identity theft and contact the IRS if they experience
any of these issues:
Extension to file requests are rejected because a return with
the Employer Identification Number or Social Security
number is already on file;
An e-filed return is rejected because of a duplicate EIN/SSN is
already on file with the IRS;
An unexpected receipt of a tax transcript or IRS notice that
doesn't correspond to anything submitted by the filer.
Failure to receive expected and routine correspondence from
the IRS because the thief has changed the address.
New Procedures to Protect Business in 2018
The IRS, state tax agency, and software providers also share
certain data points from returns, including business returns,
which help identify a suspicious filing. The IRS and states also
are asking that business and tax practitioners provide
additional information that will help verify the legitimacy of
the tax return.
For 2018, these "know your customer" procedures are being
put in place and include the following questions:
The name and SSN of the company executive authorized to
sign the corporate tax return. Is this person authorized to sign
Payment history. Were estimated tax payments made? If yes,
when were they made, how were they made, and how much
Parent company information. Is there a parent company? If
Additional information based on deductions claimed
Filing history. Has the business filed Form(s) 940, 941 or other
business-related tax forms?
Sole proprietorships. Sole proprietorships that file Schedule C
and partnerships filing Schedule K-1 with Form 1040 also will
be asked to provide additional information items, such as a
driver’s license number. Providing this information will help
the IRS and states identify suspicious business-related returns.
Security. For small businesses looking for a place to start on
security, the National Institute of Standards and Technology
(NIST) produced the publication: Small Business Information
Security: The Fundamentals. NIST is the branch of the U.S.
Commerce Department that sets information security
frameworks followed by federal agencies.
The United States Computer Emergency Readiness Team (US-
CERT) has a special section on its website dedicated to
Resources for Small and large Businesses. Many secretaries of
state also provide resources on business-related identity theft
For more information about business-related identity theft
visit the IRS website and search for Identity Protection:
Prevention, Detection and Victim Assistance.
If you believe your business identity has been used for
fraudulent purposes don't hesitate to call the office for
Tax Industry is a target of hidden forces who are collecting
data of various business and people for various activities
world wide. IRS is concern that the data collect from business
clients and individuals for preparation of tax should be kept
secure from such people. We are taking special measures to
protect data and information of our clients.
IRS CONCERN &GUIDANCE
Today’s identity thieves are a formidable enemy. They are an adaptive
adversary, constantly learning and changing their tactics to circumvent the
safeguards and filters put in place to stop them from committing their crimes.
Some of the individuals committing identity theft refund fraud are members of
high-tech global rings engaged in full-scale organized criminal enterprises for
stealing identities and profiting from that information. As the criminals'
efforts increase in sophistication, so do the number and scope of data breaches,
which serves to further expand the network and warehousing of stolen and
compromised identity information, and in turn increases the potential for that
stolen identity information to ultimately reverberate through the tax system.
In 2015, the IRS called together major players in the tax industry - tax return
preparers, software providers, state tax agencies, payroll providers and
financial institutions - for a Security Summit to increase the cooperation in
place to fight a common enemy - the identity thieves. Tax preparers are critical
players in this partnership, and, because of the taxpayer information they
store, increasingly a target for data theft.
Safeguarding taxpayer data is a top priority for the IRS. It is the legal
responsibility of government, businesses, organizations and individuals that
receive, maintain, share, transmit or store taxpayers’ personal information.
Taxpayer data is defined as any information that is obtained or used in the
preparation of a tax return (e.g., income statements, notes taken in a meeting
or recorded conversations). Putting safeguards in place to protect taxpayer
information helps prevent fraud and identity theft and enhances customer
confidence and trust.
This guide will help non-governmental businesses, organizations and
individuals that handle taxpayer data to understand and meet their
responsibility to safeguard this information. IRS e-file and paper return
preparers, Intermediate Service Providers, Software Developers, Electronic
Return Originators, Reporting Agents, Transmitters, their affiliates and
service providers can use this guide to determine their data privacy and
security needs and implement safeguards to meet them.
These safeguards will help you:
Preserve the confidentiality and privacy of taxpayer data by restricting access
Protect the integrity of taxpayer data by preventing improper or unauthorized
modification or destruction; and
Maintain the availability of taxpayer data by providing timely and reliable
access and data recovery.
For a brief description of related laws and regulations, refer to the table in
"Safeguarding Taxpayer Data, References to Applicable Laws and
Regulations.” For references to standards and best practices, refer to the table
in "Safeguarding Taxpayer Data, References to Applicable Standards and Best
It is critical that we work in partnership to combat identity theft. Major
software providers are required to report data thefts to the IRS. We urge
individual tax preparers to notify their local IRS Stakeholder Liaison of any
data theft to lessen the impact on clients and the tax system.
|HOW IMPORTANT - ACCURATE BALANCING OF FINAL ACCOUNTS BEFORE TAX
Select a professional who is trust worthy able
and professional for your Accounting and Tax
| Due to Coved 19 Pandemic we do not operate normally. Our staff
working from homes. Appointments and meetings strictly according
to the State regulations. Please call or text 407-512-1300. Existing
clients use your client ID number when texting or calling. Thanks.