October 2024 newsletter

Even though my calendar says October, the weather is telling us a different story. That’s okay, we’ll take an extra few weeks of summer any time!

In this newsletter, we’re going to focus on security. Some of us here at OAA had our personal information compromised in the National Public Data breach, so this topic is of special importance. If you were lucky enough not to have your data compromised, it will likely only be a matter of time until your luck runs out.

Data breaches are truly scary!

What happened?

According to a recent lawsuit, National Public Data, a background check company, was alleged to have made 2.9 billion records vulnerable. Though the company disputes the actual number of records affected, some of the information leaked included social security numbers. Moreover, the company was hacked in April, but did not make this breach known until August.

What can you do?

“Freezing your credit is the single most important thing you can do,†says James Lee, the chief operating officer of the Identity Theft Resource Center. A credit freeze will limit access to your credit report and prevent the opening of new accounts in your name. Fortunately, freezing your credit is free and can be done online. Find out how here: https://www.usa.gov/credit-freeze

Make sure your passwords have been changed recently and, ideally, use a unique password for each site.

Enable two-factor authentication for important accounts.

Set up alerts on your accounts so you can spot unusual activity.

Consider applying for an “IRS IP PINâ€. This is a six-digit code prevents someone else from filing a tax return using your SSN. To apply for an IRS IP PIN, go here: https://www.irs.gov/identity-theft-fraud-scams/get-anidentity-protection-pin Note: a new IP PIN is generated each year, and you must remember to give this information to your favorite tax preparer!

Dates to Remember

• October 15th – Individual, Corporate extended returns due
• November 1st – Tax Tune Up – talk with us about profits/estimates!
• November 15th – Exempt Organizations extended returns due
• December 31st – BOI Reporting due for entities in existence prior to 1/1/24
• January 15th, 2025 – Fourth quarter 1040 estimates due for 2024 tax year

“I notice that Autumn is more the season of the soul than of nature.†— Friedrich Nietzsche