The COVID-19 pandemic has altered many aspects of our society, perhaps permanently. One of these is the need to physically go to the office to get work done. Like all businesses, partnerships are no exception. While the Tax Cuts and Jobs Act of 2017 (TCJA) suspended this deduction for employees of the partnership until 2025 . However, partners may still take advantage of this often-overlooked tax benefit. The key is in how to report it. Read on to learn how!
Tax professionals must take measures to prevent unauthorized access to customer information. For example, you should limit access to customer data to only those employees who need it for their jobs. Also, outsourcing tax preparation in your firm can impact this security.
In October 2019, the IRS added a new question about data security responsibilities to the form to obtain or renew a PTIN. As a tax professional, it’s important to understand what the Gramm-Leach-Bliley Act requires and how you can comply.
Keep reading to learn what steps you can take to help protect the confidential information of clients and ensure GLBA compliance.