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Winter Storm Extension: Many Businesses Have Extra Time to Request A Six-Month Extension

Issue Number:    IR-2017-61

WASHINGTON — The Internal Revenue Service today granted many businesses affected by this week’s severe winter storm additional time to request a six-month extension to file their 2016 federal income tax returns.  The IRS is providing this relief to victims and tax professionals affected by this week’s storm (known as Winter Storm Stella) that hit portions of the Northeast and Mid-Atlantic.

Business taxpayers who are unable to file their tax return by today’s due date (March 15, 2017) can request an automatic extension by filing Form 7004, available on IRS.gov, on or before March 20, 2017.  Form 7004 provides a six-month extension for returns filed by partnerships (Forms 1065 and 1065B) and S corporations (Forms 1120S).

Eligible taxpayers taking advantage of this relief should write “Winter Storm Stella” on their Form 7004 extension request (if filing Form 7004 by paper).  As always, the fastest and easiest way to get an extension is to file this form electronically. 

The IRS will continue to monitor conditions and provide additional relief if circumstances warrant.

NYS Tax Department Issues Announcement Regarding Winter Storm of March 14, 2017

N-17-3  Important Notice Regarding Certain Tax Filings and Payment Deadline Postponements
NYS15Mar_2017SnowStormExtension20_Mar.pdf
Thanks Neil Sullivan for posting all these updates in go.nccpap.org
and
NJ Dept. of Treasury, Division of Taxation
S-Corp and Partnership due date extended to March 17.  This applies only to taxpayers with a fiscal year end Nov. 30th. Calendar year end is still April 18.


FYI: Effective December 31, 2016, the following minimum wage will be in effect in New York State:

https://labor.ny.gov/workerprotection/laborstandards/workprot/minwage.shtm

 

Announcements

FYI:  NCCPAP Bethesda Spring Conference
May 10, 11, & 12, 2017
Hyatt Regency Bethesda
One Bethesda Metro Center, Bethesda, MD  20814
NCCPAP rates:  $237.00 (king and queen/queen)
Use following online dedicated link
Hyatt Regency Bethesda
Reserve room before April 9, 2017

FYI:  NCCPAP Summer Conference
August 9, 10, &11, 2017
DoubleTree Hotel
455 South Broadway, Tarrytown, NY  10591
NCCPAP rates: $161.00 (king and double/double)
Reservations: (914) 524-6418 or
Hilton Hotel Tarrytown
Online group code: CPA
Reserve room before July 9, 2017
Complimentary self-parking lot

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At the Westchester/Rockland Chapter Dinner to Show Our Appreciation to Al Heffes & Sandy Zinman


Dinner_with_Al_Ron_Sandy_Mark.jpg

Al, Ron Tvert, Sandy, and Mark Stewart

Had a great time at our Chapter meeting and dinner to honor Al Heffes, our past Treasurer, and Sandy Zinman, our past President. Thanks to everyone who attended and made the evening just perfect!



NCCPAP's Letter to NYS Executive Deputy Commissioner of Taxation & Finance Regarding Driver's License Requirement for 2016 Tax Filing  NYSDriversLicenseLtrManion.pdf 

and

Response by Executive Deputy Commissioner, NYS Department of Taxation & Finance ManionReplyNYSdriversLicense.pdf



2016 NCCPAP-Washington DC Agendas

Congressional Agenda & IRS Agenda

     
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A Few Security Recommendations

High-profile instances of cyber-crime make headlines every day, and large organizations such as Sony Pictures, Anthem and Home Depot are not the only targets of hackers. Smaller organizations that receive and maintain sensitive personal information, including accounting firms, also are the targets of cyber attacks, and there is no guarantee that any computer network is secure. In the case of Sony Pictures, the FBI stated that the level of sophistication of the attack was so high it would have gotten past 90 percent of private industry and government cyber defenses. However, there are some simple steps you’ll want to take to mitigate your risk, as the financial and reputation consequences of losing sensitive client information can be significant. 

Secure All Hardware 

Sophisticated cyber attacks are not the only way sensitive client information can be compromised. Laptops, hard drives and personal devices such as smart phones often contain sensitive information that can be compromised if those devices are lost or stolen. At a minimum, devices should be password protected, and in the case of smart phones and tablets, configured to be erased remotely. Encryption of the data on such devices can help to prevent the loss of sensitive personal information, even if the devices are lost. The more sophisticated the encryption, the more comfort you will have that the information is secure. An IT professional can help you implement proper encryption protocols. 

Educate All Users 

Threats posed by phishing email attacks and malware can be mitigated if users are trained to recognize them. Being able to identify suspicious email communications and attachments and knowing to hit the delete key without opening them can greatly reduce the risk of malware infecting a device. In addition, passwords are a crucial defense for work and personal email accounts. Systems
should require complex passwords consisting of a combination of upper and lower case letters, numbers and special characters to reduce risk posed by cyber threats.

 Select the Right Security Software 

You should, and probably already do, invest in Internet security, including virus and malware protection and firewalls. However, security software is constantly updated to address existing and new threats as they emerge, so you need to ensure that you have the most current versions. At the outset, be sure the software you choose is regularly and reliably updated. If you need assistance selecting software, you should engage your information technology provider to help you make a sound choice.

 Understand the Cloud 

If you decide to take advantage of the benefits that cloud computing has to o#er, you should ensure that the vendor you engage maintains security over its servers and can provide you with representations that it has undergone a third-party review of controls and safeguards, including encryption for sensitive data. You should know where the information is being stored, how it is protected and who has access to it. Keep in

mind that the cheapest option may not be the best. You want to be sure that you select a reputable vendor that will be in business for years to come. 

Put the Law on Your Side 

Even before you encounter a situation where sensitive client data may have been compromised, you should contact an attorney with expertise in data security incident response to help you proactively formulate a response plan. An attorney can help you recognize your risks and select the key personnel who should be involved if an event occurs. Most important, an attorney will be a reliable guide through the complex series of laws and regulations involved in responding to an incident.

Summary 

As a normal part of business, accountants receive and maintain sensitive client information, including social security numbers and credit card information. While collecting and maintaining this data is necessary, doing so in a computer network or system that is connected to the Internet raises concerns about the possible theft or exposure of that information. Although it is virtually impossible to guarantee security, there are risk management measures that can and should be taken by accountants to mitigate their exposure.

 Bullet Points 

• Require passwords and encrypt your data on all devices.
• Educate your partners and employees about cyber threats.
• Regularly update your security software and firewall configuration.
• Select a reputable cloud provider that has had its security tested.
• Contact an experienced attorney to evaluate your privacy risks and establish an incident response plan.

Thank you to: Thomas R. Manisero, Esq. & Gregory J. Bautista, Esq.
Wilson Elser Moskowitz Edelman & Dicker, LLP
CPA Protector Plan ®

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