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In this issue:
Every year we post an update containing Form 941 as soon as possible after the IRS form is released. (Time is required to program the form, test it, and obtain approval from the IRS.) The update is generally posted in mid-March, which we feel is reasonable, considering the form isn't due until April 30th. Yet every year we get calls long before the form is due, asking why it hasn't been released. And every year we wonder why so many customers are so eager to get this form so early.
One possibility is that they are using Form 941 to calculate clients' payroll tax liabilities. But there is another way to do this. Payroll System contains three Payroll Deposit Record modules: Federal Payroll Deposit Record - Form 941, Federal Payroll Deposit Record - Form 940, and State Payroll Deposit Record. These modules are designed to calculate the tax liability on any given payroll period or date, as well as accumulate payments made.
For more information, see the Payroll System Help file.
Click here or use the Instructional Videos on the Web link within the Help menu of most CFS programs.
Security Summit Urges Tax Pros to Protect ID Numbers
Cybercriminals sometimes post stolen EFINs, PTINs and CAF numbers on the Dark Web as a crime kit for identity thieves who can then file fraudulent tax returns. EFINs are necessary for tax professionals or their firms to file client returns electronically. Preparer Tax Identification Numbers (PTINs) are issued to those who, for a fee, prepare tax returns or claims for refund. CAF numbers are issued when tax practitioners or their firms file a request for third-party access to client files.
Tax professionals are urged to keep their e-file application up to date and to carefully monitor the number of returns filed using their ID numbers. There is also the usual warning against phishing schemes:
Tax professionals can protect their EFINs from theft by avoiding phishing emails, which cybercriminals commonly use to trick practitioners into disclosing sensitive information. Practitioners can review the Don’t Take the Bait campaign to familiarize themselves and their staffs with the various tactics used by thieves.
For more information, see IR-2018-61.
Has Anything Changed?
It's easy to inform us of changes in your firm information through your MyCFS account. Log in to your account and select "Change Firm Name/Address/Email," or click here. You can also fax changes to us at 805-522-0187 or email us through our website.
To notify us of minor changes, such as a phone number or email address, you can call our customer service department at 1-800-343-1157.
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