Latest Blogs

Tag: irs

All Blog posts

NCAA’s Regulations Attempt To Restrict State Law: The New NIL Battleground Posted on: June 29, 2023 In: Sports Law
Despite numerous recent legal losses, the NCAA has asserted its intention to enforce its rules and crackdown on alleged NIL violations committed by its member schools. In our most recent Law360 article issued earlier this month, we discussed recent trends regarding state legislation that has already been introduced or become law (Arkansas, Oklahoma, Missouri, New York, Texas, and Colorado).
Read more »

Tags:
nil, student-athlete, irs
NIL 501(c)(3) Collectives Beware: The IRS is Watching Posted on: June 12, 2023 In: Sports Law
The world of name, image, and likeness (NIL) continues to change with forces beyond federal law, state law, or NCAA bylaws: enter the IRS. The Office of the Internal Revenue Service’s Chief Counsel has announced, citing numerous supporting revenue rulings and tax cases, in a non-precedent setting memo that non-profit NIL collectives are not tax exempt because they fail to satisfy IRS regulations.
Read more »

Tags:
nil, irs, tax law, student-athletes, collectives
New Federal Legislation Aims to Eliminate Tax Write-Offs For Contributions to NIL Collectives Posted on: September 30, 2022 In: Sports Law
The emergence of “collectives” in the world of Name, Image, and Likeness (NIL) has raised the questions of whether these entities seeking 501(c)(3) status from the Internal Revenue Code of 1986, as amended (the “Code”) are actually public charities and if donations to these collective entities should be considered tax-deductible.
Read more »

Tags:
employment law, nil, tax, college athletes, collegiate sports, name image likeness, irs, taxation, congress
Accounting Firm Vulnerability During Tax Season – Now Extended to July 15 Posted on: April 16, 2020 In: COVID-19 Response
Last month, the IRS extended the usual April 15 tax filing deadline to July 15. While this brings relief to those facing financial hardship due to the COVID-19 pandemic, it also extends the window of opportunity for cybercriminals to attack accounting firms.
Read more »

Tags:
irs, tax return, identity theft, fraud, data security, covid-19, coronavirus
Tax Return Theft: Tips for Prevention and Response Posted on: January 06, 2020 In: Data Privacy & Cybersecurity
As the Internal Revenue Service warned tax professionals in November, malicious actors are currently attempting to hack into tax preparers’ networks to steal 2020 tax return information. If you are a professional tax preparer, you are a target – regardless of the size of your business.
Read more »

Tags:
irs, w2, tax returns, identity theft, hacking
Identity Theft: The Crime of the New Millennium - Tips for Prevention and Recovery Posted on: January 17, 2019 In: Data Privacy & Cybersecurity
Twenty years ago, as I was working with the FBI and the Secret Service in prosecuting large identity theft rings – often associated with data breaches (although the term “data breach” had not yet entered our daily vernacular) – we created protocols to help consumers prevent identity theft and assist victims recovering from it.
Read more »

Tags:
identity theft, credit report, fraud alert, irs
W-2 Image Exploits: With the Tax Season Come the Thieves Posted on: January 10, 2019 In: Data Privacy & Cybersecurity
If you process or store Form W-2 Wage and Tax Statements, you are a target. The Form W-2 contains everything a malicious actor needs to file a false tax return with the Internal Revenue Service (IRS) and steal a refund. Because a W-2 contains a consumer Social Security number (SSN), it is highly valued on the dark web, and therefore highly sought after by thieves.
Read more »

Tags:
irs, w2, tax returns, identity theft
Tax Return Theft: Tips for Prevention & Response Posted on: January 08, 2019 In: Data Privacy & Cybersecurity
As the Internal Revenue Service warned tax professionals last month, malicious actors are currently attempting to hack into tax preparers’ networks to steal 2019 tax return information. If you are a professional tax preparer, you are a target – regardless of the size of your business. Malicious actors target information including tax returns filed in previous years, Form W-2 Wage and Tax Statement images, and anything than contains unredacted Social Security numbers
Read more »

Tags:
tax returns, irs, cybersecurity, ssn