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Be Aware of Email Scam Targeting AICPA Members

Despite warnings from the IRS that it doesn't send communications via email, a new scam seems to be circulating that is aimed at members of the America Institute of CPA's.

The email claims to be notifying the taxpayer of a tax refund problem. It is addressed to 'Valued accountant Officer,' and goes on to say, 'We have received a complaint about your recent involvement in income tax refund fraud on behalf of one of your employers.' It includes a banner and logo with the headings, "Cancellation of Public Account Status due to Income tax fraud allegations."

The AICPA is advising those who recieve the email to delete it and to NOT click on the hyperlink because it could expose your computer to a virus. If the link has been clicked, the AICPA is advises a full virus scan of the computer as soon as possible.

To speak with an AICPA member service specialist on the matter, call (888) 777-7077 and select option 1.

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Stay Informed

IRS: Job search expenses can be tax deductible

Written by Dianne Besunder, IRS Thursday, 19 July 2012 05:35

Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job hunting expenses on your federal income tax return.

Here are seven things the IRS wants you to know about deducting costs related to your job search:

1. To qualify for a deduction, your expenses must be spent on a job search in your current occupation. You may not deduct expenses you incur while looking for a job in a new occupation.

2. You can deduct employment and outplacement agency fees you pay while looking for a job in your present occupation. If your employer pays you back in a later year for employment agency fees, you must include the amount you received in your gross income, up to the amount of your tax benefit in the earlier year.

3. You can deduct amounts you spend for preparing and mailing copies of your résumé to prospective employers as long as you are looking for a new job in your present occupation.

4. If you travel to look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area to which you traveled. You can only deduct the travel expenses if the trip is primarily to look for a new job. The amount of time you spend on personal activity unrelated to your job search compared to the amount of time you spend looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job.

5. You cannot deduct your job search expenses if there was a substantial break between the end of your last job and the time you begin looking for a new one.

6. You cannot deduct job search expenses if you are looking for a job for the first time.

7. The amount of job search expenses that you can claim is limited. To determine your deduction, use Schedule A, Itemized Deductions. Job search expenses are claimed as a miscellaneous itemized deduction and the total of all miscellaneous deductions must be more than two percent of your adjusted gross income.

For more information about job search expenses, see IRS Publication 529, Miscellaneous Deductions. This publication is available on www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

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Source: The Brookings Institution, Census.gov, City-Data.com, Department of Housing and Urban Development, Endhomelessness.org, Federal Bureau of Investigation, StateoftheAir.org

Credit: Nelson Hsu, Natalie Jones, Julia Ro, Tanya Ballard Brown / NPR

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