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Tax and financial planning news from around the web: August 22 – 26, 2022

Written on Aug 26, 2022

IRS releases sample security plan for tax pros
The IRS has released a sample data security plan. All professional tax preparers are required by law to create and implement a data security plan. The document is meant to address the problems these professionals face, particularly smaller practitioners, in protecting client data and information. 

Inflation Reduction Act doubles the R&D tax credit for startups
The Inflation Reduction Act of 2022 includes a provision to increase the R&D Tax Credit from a maximum of $250,000 to $500,000. CPAs who service startups that conduct research should make sure that they are prepared to discuss this tax credit with their clients.