Businesses urged to enhance cybersecurity protections
The IRS, state tax agencies and the tax industry are urging business owners to boost cybersecurity protections against business identity theft, according to www.irs.gov.
Identity thieves are demonstrating sophisticated knowledge of the tax code and industry filing practices as they attempt to obtain data to file fraudulent returns. To protect taxpayers and their business returns, the IRS has taken steps to identify and prevent business identity theft.
As with fraudulent individual returns, certain signs may indicate a business has fallen victim to identity theft. Businesses, partnerships, and estate and trust filers should be alert to potential identity theft and contact the IRS if they experience any of the following issues:
Additional information regarding how to protect against identity theft is available at www.irs.gov/newsroom/security-summit.
Building safety programs to receive significant funding in 2020
Significant funding for building safety programs was included in federal spending legislation signed by President Trump Dec. 20, 2019. Before the appropriations agreement was approved, the International Code Council® supported its passage by engaging with lawmakers.
The building safety funding provisions include:
In addition, the provisions included a $167 million increase in funding for the National Institute of Standards and Technology. Notably, NIST’s Science and Technical Research and Services received a $29.5 million increase. The institute’s disaster resilience grants also were preserved, and current funding levels will allow NIST’s premise plumbing research to continue.
The legislation also extends the 45L tax credit for new homes that are 50% more efficient than the 2006 IECC from Dec. 31, 2017, to Dec. 31, 2020, and, during the same period, the 179D tax deduction for efficiency improvements to commercial buildings.