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Breach Exposes IRS Tax Returns
The New York Times
Criminals used stolen data to gain access to past tax returns of more than 100,000 people through an application on the Internal Revenue Service's website, the agency said.
Using Social Security numbers, birth dates, street addresses and other personal information obtained elsewhere, the criminals completed a multistep authentication process and requested the tax returns and other filings, the IRS said.
Experts: IRS Attacks Reveal Criminal Data Gathering at a Scale Never Seen
The Street via The Dallas Morning News
There is good news hidden in the recent reports of an Internal Revenue Service hack — the IRS did not suffer a breach, and only 100,000 taxpayers appear to have been victimized — but then there may also be the worst news ever to come out of a cyber crime, putting us all in the crosshairs. The IRS has not talked specifically about what criminals used the stolen tax returns for in rooting though government computers from February through mid-May, but many security experts suspect they filed fake returns in the victim's name, probably seeking a refund of many thousands of dollars.
How Accounting Firms Are Working With Single-family Offices
Single-family offices are going through a growth spurt prompted by the substantial surge in private wealth creation. The wealth creators considering establishing a single-family office are highly motivated to create a well-run and highly cost-effective entity. At the same time, established single-family offices have become motivated to be more attuned to the value they provide, and can provide, in the context of costs.
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Is Your Firm Creating Beautiful Music?
Accounting firms are like orchestras, industry consultant Adelaide Ness told a gathering of CPA firms -- and just like orchestras, each section of a firm needs to do its part to create harmony. Speaking at The Rainmaker Companies' 21st Annual Super Conference, being held this week in New Orleans, Rainmaker executive vice president Ness used her appreciation of classical music and fine arts to help recognize leaders in accounting firms. Just like an orchestra, Ness sectioned off each division in a firm to create a perfect balance of harmony.
Advice for Accountants Transitioning to Business Advisers
Accountants have long been a support system for their clients. They keep them compliant and ensure their numbers are accurate, but for many this is not a long-term growth plan and have been eyeing a more consultative or advisory role to the businesses they serve. QuickBooks Advanced Certified ProAdvisor, trainer and consultant Robin Hall has been witness to the change and often advises accountants on how to be better consultants.
The Flat Tax Falls Flat for Good Reasons
The Washington Post
Again with the flat tax?
As the fumes of a presidential election begin to permeate the land, we should not be the slightest bit surprised to yet again be hearing about the alleged pristine beauty of the flat tax. This time, candidates Sen. Ted Cruz, R-Texas, and Sen. Rand Paul, R-Kentucky, are touting the tax.
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