eTax Alerts Blog

By: Sharon Kreider

Equifax Data Breach Takes Immediate Action

Equifax Data Breach Takes Immediate Action

There has been a massive data breach at Equifax, one of the nation’s three major credit reporting agencies. 143 million individuals are at risk for identity theft. Hackers accessed people’s names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. They also stole credit card numbers for 209,000 people.

To protect yourself and your client, go to https://www.equifaxsecurity2017.com to determine if your data was breached and to sign up for credit file monitoring and identity theft protection. The offering, called TrustedID Premier, includes 3-Bureau credit monitoring of Equifax, Experian and TransUnion credit reports; copies of Equifax credit reports; the ability to lock and unlock Equifax credit reports; identity theft insurance; and internet scanning for Social Security numbers – all paid by Equifax for one year. 

Sample Client Letter

Dear Client,

We are all at risk of identity theft because of a major data breach at Equifax, one of the nation’s three major credit reporting agencies. Hackers stole names, Social Security numbers, birth dates, addresses, driver’s license numbers and credit card numbers for millions of Equifax’s customers.

Because of the breach, Equifax will provide you “TrustedID Premier”, which includes 3-Bureau credit monitoring of Equifax, Experian and TransUnion credit reports; copies of Equifax credit reports; the ability to lock and unlock Equifax credit reports; identity theft insurance; and internet scanning for Social Security numbers.  

To find out if your data was breached and to enroll in TrustedID go to https://www.equifaxsecurity2017.com.

  

 

 

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By: Vern Hoven

eTax Alert: Tax Ramifications of Medical Marijuana

Until such time as the federal government or Congress rules that marijuana is not a class one drug. We could deduct the cost of goods sold because we have court cases. We can't deduct the selling cost and the travel and the entertainment and the other below the cost of goods sold by deduction.

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By: Vern Hoven

eTax Alert: Tax Ramifications of Divorce

In a divorce, if the division of the marital assets is a non- taxable event. The problem is when it says it's a not-taxable event, it's treated like a gift. Most certainly it isn't a gift. They like each other and so when we're talking about a divisional marital asset is treated like a gift that means that the basis goes with whoever gets the property. It's not a sale. It's a gift. Why could we have a problem with this? What happens if we have two assets?

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By: Sharon Kreider

eTax Alert: Charitable Deductions

eTax Alert: Charitable Deductions

Don’t stop reading this important Tax Court decision because the charity deduction is so big – none of my clients donate that much – or because the taxpayer claimed outrageous FMV on the donated property – I’d never let my client get that greedy.

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By: Sharon Kreider

eTax Alert: Employment Tax

eTax Alert: Employment Tax

In a recent decision, the Tax Court provided relief to an employer who misclassified workers as independent contractors. If your client is facing a big employment tax bill, this case may provide help in minimizing the taxes due.

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By: Sharon Kreider

Health Care & Tax Planning: Changes are Coming

Health Care & Tax Planning: Changes are Coming

The House of Representatives passed its version of a repeal and replacement of Obamacare. The American Health Care Act is now in the Senate and it will be a long, arduous effort until the Senate passes a replacement bill. And then, it's on to reconciliation. In other words, it will be several months before the replacement legislation is final. But the expected delay won't stop clients from asking you questions about their health insurance prospects, as well as about tax planning.

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