July 18, 2024
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PERSONAL FINANCE TAX TIMES

Beware: Tax Tricks and Layoffs Exposed! Find out How to Protect Yourself Today!

Beware: Tax Tricks and Layoffs Exposed! Find out How to Protect Yourself Today!

Tax professionals have been put on high alert amid warnings from the IRS about the rise of new scams targeting their valuable information. Both the IRS and the Security Summit have sounded the alarm, cautioning professionals in the industry to remain vigilant against identity thieves who are constantly evolving their tactics to steal data.

Here are some key points to consider:

  • Scam Tactics: Identity thieves are employing various methods to deceive tax professionals, such as posing as new clients, utilizing phishing emails, and executing sophisticated phone call and text schemes.
  • Email Attachments: Tax professionals are advised to exercise caution when opening email attachments or clicking on links purporting to contain tax information. These attachments and websites can not only extract sensitive data but also implant malware onto the professional’s computer system.

Intuit, the renowned tax prep and financial software company behind TurboTax and QuickBooks, has unveiled plans for a significant restructuring focused on artificial intelligence (AI). This reorganization will result in a 10% reduction in its workforce, with 1,800 employees facing layoffs. Despite the job cuts, Intuit anticipates hiring an equivalent number of personnel by fiscal 2025 as it integrates AI technology into its array of products and services.

On another note, Tennessee, a state known for not imposing a state income tax and having minimal property and business taxes, offers a multitude of substantial tax exemptions to its largest businesses. These "major tax exemptions" cover a wide range of items from jet fuel to industrial water usage. However, these exemptions are forecasted to come at a hefty cost, with an estimated $5.5 billion impacting state government revenue in fiscal year 2025, along with an additional $1.5 billion for local governments, as reported by the Tennessee Lookout.

Lastly, California legislators have decided to eliminate the tax component from a proposed November ballot initiative. Originally aiming to decrease the required voter approval threshold for specific local special tax and bond measures from two-thirds to 55%, lawmakers opted to remove this provision from the measure, according to TaxNotes.

To stay informed on the latest developments in the tax realm, consider subscribing to the Tax Policy Center’s Daily Deduction. Receive timely updates straight to your inbox on weekdays at 8:00 am (Mondays only during congressional recess). For any tips on new research or related news, feel free to reach out to Renu Zaretsky via email. Remember, staying informed and being cautious are crucial in navigating the ever-changing landscape of tax-related scams and legislation.

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