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In this issue:

  • Summer Renewal Incentives Expire Soon
  • W2/1099 Has Been Released
  • IRS Warns Tax Professionals of W-2 Scam

Summer Renewal Incentives Expire Soon
Time is almost up for CFS summer renewal incentives! Renew by August 31st to receive:

  • $5 off every program renewed early;
  • 20% off the first-time purchase of additional software or network upgrades; and
  • 15% off forms, envelopes, folders, and checks.

Click here to log in to your MyCFS account and renew now!

W2/1099 Has Been Released
W2/1099W2/1099 has been released and is available for download. If you have previously installed another 2017 Payroll System program (941/940, LivePayroll, or Corrector), you don't need to install W2/1099. You just need to be sure you have installed the latest Payroll System update and are using the correct license code.

If you purchased W2/1099 after you purchased other CFS programs, the license code you received when you purchased those other programs will not work for W2/1099. You must use the new license code you received when you purchased W2/1099. To update your license code, select "Firm Information..." from the File menu, and enter your new license code in the License Code field. You can obtain your current license code by logging in to your MyCFS account, here.

For tips on using W2/1099, including detailed instructions on how to obtain and update your license code, see the Year-end Forms Filing Tips for W-2s and 1099s video on our Instructional Videos page.

Reminder: January 31st is now the deadline for filing W-2s with the SSA—whether you use paper forms or e-file. January 31st is also the deadline for filing Form 1099-MISC with the IRS by paper or e-file, if you are reporting nonemployee compensation payments in box 7.

CDs and Form Starter Kits have been mailed. CDs were sent by first class mail to customers who paid for the CD shipping option when they ordered W2/1099. Form Starter Kits, containing an assortment of red forms, envelopes, and blank perforated stock, were sent by standard mail to first-time purchasers of W2/1099 and to customers who renewed the program by May 31st.

If you haven't renewed W2/1099, be sure to do so by August 31st to receive the summer early renewal discount. Also be sure to order your forms and envelopes by August 31st to receive a 15% discount.

IRS Warns Tax Professionals of W-2 Scam
In a recent news release, the IRS warned tax professionals to beware of a phishing scam involving W-2s, known as a "business email compromise" or BEC:

A business email compromise occurs when a cybercriminal is able to "spoof" or impersonate a company or organization executive’s email address and target a payroll, financial or human resources employee with a request. For example, fraudsters will try to trick an employee to transfer funds into a specified account or request a list of all employees and their Forms W-2.

Once cybercriminals have obtained employees' W-2 information, they can either use it to file fraudulent returns themselves, or they can sell the information to other criminals.

The IRS urges tax professionals to take the following steps to protect themselves and their clients:

  • Confirm requests for Forms W-2, wire transfers or any sensitive data exchanges verbally, using previously-known telephone numbers, not telephone numbers listed in the email.
  • Verify requests for location changes in vendor payments and require a secondary sign-off by company personnel.
  • Educate employees about this scam, particularly those with access to sensitive data such as W-2s or with authorization to make wire transfers.
  • Consult with an IT professional and follow these FBI recommended safeguards:
    • Create intrusion detection system rules that flag e-mails with extensions that are similar to company email. For example, legitimate e-mail of abc_company.com would flag fraudulent email of abc-company.com.
    • Create an email rule to flag email communications where the "reply" email address is different from the "from" email address shown.
    • Color code virtual correspondence so emails from employee/internal accounts are one color and emails from non-employee/external accounts are another.
  • If a BEC incident occurs, notify the IRS. File a complaint with the FBI at the Internet Crime Complaint Center (IC3).

For more information, see IR-2017-130, Protect Your Clients; Protect Yourself, and Don't Take the Bait on the IRS website.

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