18 THE QUEENS COURIER • AUGUST 24, 2017 FOR BREAKING NEWS VISIT WWW.QNS.COM
DRIVER’S LICENSES POSE NEW DATA SECURITY RISKS
YOUR PARTNER IN THE
STRUGGLE FOR JUSTICE
JOHN J.
CIAFONE, ESQ.
MILLION DOLLAR ADVOCATES FORUM
THE TOP TRIAL LAWYERS IN AMERICA TM
Admitted in NY NJ
and Washington DC
Attorney At Law
25-59 Steinway Street
Astoria, NY 11103
718-278-3900
johnjciafone@yahoo.com
NYS Certifified EMT/EMS
Voted Best Attorney from
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John A. Golden: Member of K. of C. and C*KHS;
Thomas A. Golden III: Member AOH, KHS
(Owner, Operators)
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Please Visit Our Website @ www.gleasonsfuneral.com
Martin A. Gleason Funeral Home L.L.C.: The Preferred Choice
BY JOHN SAVIGNANO, CPA
The IRS and many state taxing
authorities now recommend that
taxpayers use their driver’s license
number to provide another layer of
security when electronically filing
federal and state tax returns. A few
states, notably Alabama, New York,
and Ohio are requiring a driver’s
license number or and equivalent
for personal income tax returns.
This new use for driver’s license
numbers may also pose an additional
consideration for CPA firms
about data security and the potential
for a cyber breach. The driver’s
license number is given equal status
with the SSN, although an informal
poll suggests many people, including
CPAs, might not regard the loss
or theft of a driver’s license number
with the same alarm as they would
that of a SSN, or exercise the same
degree of care for its security.
Now that driver’s license numbers
are being used as a form of identification
verification for tax return
filing, it’s easy to imagine them
becoming a high value target for
hackers and other cybercriminals.
And if accounting firms and their
clients don’t take care in protective
driver’s license numbers and other
personally identifiable information,
the results can be costly. Insurance
can offer some protection, but not
as much as one might expect.
Most firms already have the tools
in place to protect driver’s license
numbers. Having previously implemented
secure portals or encrypted
email solutions to protect SSNs, it’s
simply a matter of educating staff to
leverage the tools they already have.
Finally, it is easy to overlook a
simple tool that has been available
for years: a phone. A quick call to
collect a driver’s license number
from a client is a simple and secure
solution with a personal touch.
Education
Funds in 529 accounts can be
withdrawn tax-free for off-campus
housing. But there are some limitations.
First, the college student
must be enrolled at least half-time.
Also, you can’t claim more than the
room-and-board allowance that the
college includes in the cost of attendance
for federal financial aid purposes.
Note that food and routine
utilities also count, as long as the
total living costs, including rent, fall
within the room-and-board allowance
determined by the school.
Stock Sales
Selling stocks through a brokerage
account? Keep in mind the basis
rules. As a general rule, if you sell
a block of shares purchased at different
times, you’re treated as selling
the earliest-acquired shares first.
IRS rules permit an opt-out for
investors who specifically identify
the shares they want sold…generally
the shares with the highest tax
basis in order to minimize gain or
maximize loss on the sale. To use
this method, you must tell your broker
the exact shares you want to sell
and receive prompt written or email
confirmation that your directions
were followed. A standing order,
such as one to always sell with the
highest basis, also works.
John Savignano is a partner with
Savignano Accountants & Advisors
located at 47-46 Vernon Blvd.,
Second Floor, in Long Island City.
If you have any questions or require
additional information, please call
John at 718-707-0955.
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