The liaison meeting unveiled a wealth of insights crucial for CPAs to navigate the dynamic tax environment .
Key Updates for CPAs
The liaison meeting unveiled a wealth of insights crucial for CPAs to navigate the dynamic tax environment .
· Refund crimes ( identity theft , unscrupulous tax preparers getting false refunds )
· Romance / pig butchering schemes , which involve someone reaching out with knowledge about you gleaned from your social media profiles with the intent to befriend you and ultimately drain your bank accounts .
· Pig butchering schemes are a rampant issue that IRS special agents particularly wanted to alert the public about . It involves a bad actor projecting a successful persona and carrying out a normal conversation with you without any proposition of business or romance . ( The connection is often initiated via LinkedIn , where someone purporting to be in the same field invites you to connect for networking purposes .) It is a long game whereby they slowly build a target ’ s trust and develop a false sense of friendship . At some point , they will mention that they will be out of pocket for a while to travel somewhere , leading the target to ask them how they can take so much time off from work and how they have the means to travel , opening up the opportunity for them to share about their side hustle or an investment opportunity . The target may initially invest a small amount , upon which they will get back a return and may be enticed to invest more until their entire savings are drained . The IRS special agents further warned that someone you personally know may inadvertently rope you into this , genuinely unaware that they have been targeted .
Conclusion The liaison meeting unveiled a wealth of insights crucial for CPAs to navigate the dynamic tax environment . From updates on IRS examinations and audits to the taxation of digital assets and the Corporate Transparency Act requirements , CPAs gained valuable knowledge to enhance their tax practice . Additionally , the meeting presented an opportunity for the COT to strengthen our working relationships with the IRS , fostering collaboration and facilitating the resolution of emerging challenges . By staying informed and engaged , CPAs are better equipped to provide exceptional tax services and meet the evolving needs of their clients .
Celia Lau , CPA is a partner at Navolio & Tallman LLP and a member of the CalCPA Committee on Taxation . You can reach her at clau @ ntllp . cpa . adindex
For more information about products and services catered to the CPA community , visit calcpa . org / members-exclusive / benefits .
COMPANY |
PAGE |
URL |
CAMICO |
11 |
camico . com |
CalCPA |
C2 |
calcpahub . org |
CalCPA |
18 |
calcpa . org / affinity |
CalCPA |
20 |
calcpa . org / techshowcase |
CalCPA |
21 |
calcpa . org / advertise |
CalCPA |
23 |
cpajobs . calcpa . org |
CalCPA |
C3 |
calcpa . org / brainfood |
COMPANY PAGE URL
CalCPA C4 calcpa . org / mentalhealthwellness CPA Charge 1 cpacharge . com / calcpa Expensify 4 useexpensity . com / calcpa KBKG 13 kbkg . com Paychex 14 go . paychex . com / calcpa _ jun23 Wolters Kluwer 6 cchcpelink . com / calcpa
Wolters Kluwer |
17 |
engagetax . wolterskluwer . com / |
|
|
clientcollaboration |