In the News - July 21, 2021

News today includes information from IRS, supply chain news and information about new services from Square. 

According to the IRS, there were 222 data theft reports this year from tax professionals to the IRS in the first six months of the year. This is more than the reported 211 data thefts in 2020 and 124 in 2019. This year, the IRS Security Summit partners kicked off the annual 2021 “Protect Your Clients; Protect Yourself” summer campaign with the theme “Boost Security Immunity: Fighting Against Identity Theft”. Please download IRS publication 5545 and implement all methods the IRS recommends to protect yourself and protect your clients. 

Isn't it time for shortages to be a topic for the past? Although industrial productions increased slightly in June over May, supply concerns - from raw materials through the full supply chain - are not showing many signs of easing. And there are additional factors to consider when working with any of your clients who rely on a steady supply of materials or finished products. Weather-related factors, ranging from storms to wildfire, can cause significant disruption. In fact, formal supply chain negotiations and contracts are increasingly including language about these weather and weather-related disruptions. As an advisor, ask your clients about both emergency preparedness and also supply chain contingencies. 

Merchant processor Square has expanded small business services with the launch of small business banking. Square is providing both checking and savings accounts.  Checking accounts, provided by Sutton Bank, will have no account minimums, overdraft fees or recurring fees. Savings accounts will offer 0.5% annual percent yield on deposits.