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For Advisors

Saturday August 24, 2019

Advisor Resources
Advisor Resources
We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations.
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Data Recovery Plans for Tax Professionals
Washington News
It is helpful to know the IRS requires tax preparers to have a data recovery plan, since many taxpayers use a CPA, attorney, enrolled agent or other tax professional. In letter IR-2019-143, the Service explained the steps tax professionals must take to protect client data. The "Security Six" checklist is published jointly by the IRS and its Security Summit partners. Step Five on the "Security Six" checklist is for tax professionals to create a data theft security plan. IRS Commissioner Chuck Rettig notes, "The number of tax professionals reporting data theft to the IRS remains too high, and it puts tens of thousands of taxpayers at risk for identity theft. We hope tax professionals will use the Security Summit Checklist as a starting point, not an endpoint, to protect their clients' data - and themselves. " If your data professional discovers a security breach, there are several steps to follow. Contact IRS and Law Enforcement - When you promptly contact the IRS and law enforcement agencies, the authorities may take action to protect taxpayers. The IRS may be able to protect the named taxpayers from a fraudster who may use the stolen data to file a tax return in order to claim a large refund. Contact State Revenue Office - A tax professional should promptly contact the state tax agency. This would enable the state office to protect named taxpayers from the filing of fraudulent returns and claims for state refunds. Contact Security Expert - An expert computer security engineer can stop further fraudulent activity on your servers. The computer expert will be able to set up improved firewalls and virus protection. Contact Agencies and Clients - The tax professional must contact the Federal Trade Commission and the major credit bureaus. He...
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Charitable Tax Reference
GiftLaw Pro
GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...
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Deduction Calculator
Deduction Calculator
The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...
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Case of the Week
Brandon Bigtop loves his truck, which he affectionately named "the Beast." It was a gift for Brandon's 18th birthday. It is painted bright red and is two tons of metal, muscle and noise. Indeed,...
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Private Letter Ruling
Organization was incorporated in E with the purpose of educating the public about democracy in America and promoting voting rights, equality and participation for all Americans. Organization's bylaws...
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Article of the Month
The Internal Revenue Service requires donors who claim charitable income tax deductions to substantiate the value of their charitable contributions. Donors may not understand the specific...
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