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Phishing Scheme Targets Tax Professionals, Treasury Warns of Fake Tax Calls, New NASBA CPA Exam Review Board Director and more

by MICPA | Aug 16, 2016   ()

New Phishing Scheme Targets Tax Professionals
The IRS is warning tax professionals of a new phishing email scam that pretends to be from tax software providers and tries to trick recipients into clicking on a bogus link. In the new scheme, tax professionals are receiving emails pretending to be from tax software companies. The email scheme requests the recipient to download and install an important software update via a link included in the e-mail – which winds up being a keystroke logger that cyber thieves can use to steal login information, passwords and other sensitive data.

More Fraudsters: Treasury Warns of Fake Tax Calls
The Grand Rapids area is the latest to be targeted by scammers, who have cloned a legitimate Michigan Department of Treasury phone number and are using it to demand taxpayers pay money immediately – or else. If a client receives such a call, remind them that they should never share personal financial information unless they are sure the situation is legitimate.

NASBA Names New CPA Exam Review Board Director
The National Association of State Boards of Accountancy has named Sheena P. Murphy, CPA, as the new director of the CPA Examination Review Board. In her new role, she will lead the Board’s charge of reviewing and evaluating the appropriateness of policies and procedures utilized in the preparing grading and administration of the Uniform CPA examination.

AICPA Seeking Research Proposals from Accounting Educators
The AICPA Assurance Research Advisory Group is currently requesting research proposals from accounting educators on the following topics: audit quality, risk assessment and response, audit documentation and limited assurance. Approved proposals are eligible for funding and, where applicable, access to CPA firm personnel and data gathered by the AICPA Peer Review Program. The submission window will close on October 14.

New Tool: Business Continuity Management - Key Strategies and Processes
Business continuity management (BCM) capabilities enable organizations to restore their businesses to normal operations following an unanticipated disaster or business interruption. This new tool will help provide a foundation on which to further develop your BCM thinking, strategy and processes.

AICPA Calls for End to Duplicative Expat Tax Reporting Requirements
The AICPA is asking the U.S. Department of Treasury and the IRS to simplify the tax compliance process for some Americans living overseas by eliminating duplicative reporting requirements. The relief would apply to foreign accounts established in the taxpayer’s country of residence provided that the United States was already directly receiving information from the financial institutions under the Foreign Account Tax Compliance Act (FATCA). 

Working More: Initial UI Claims Blow Past Another Record
The number of workers filing initial claims for Unemployment Insurance has been below 300,00 for 75 straight weeks – surpassing a previous streak that ended in December 1973. We are now in the middle of the longest streak of initial UI claims below 300,000 since April 1970. This is a stunning achievement, particularly in light of the fact that in the depths of the Great Recession, there were multiple weeks where initial UI claims topped 650,000.

Source: MICPA
Source: MICPA

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