There was some rain on the parade of celebration of the student loan debt forgiveness. The Tax Foundation, perhaps with a touch of schadenfreude, announced that the forgiveness, not federally taxable due to recent legislation, might be taxable in as many as thirteen states. They have taken a closer look and backpedaled quite a bit. It is now down to four states Minnesota, Mississippi, North Carolina and Wisconsin and those are not for sure. But, there is likely another way out for many of the recipients of this boon. Keep reading to learn more!
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.