Tax security, banking needs both important parts of Utah business life in 2020

It’s another year —and another decade — for what will likely be strong business in the Beehive State. Utah and Salt Lake City showed impressive growth throughout 2019, with tech and retail sectors in particular boasting great numbers as far as job creation and profit over the course of the year.

With forecasting being positive for 2020, one aspect that should not be forgotten is cyber security and your taxes. It is one of the threats to the livelihood of businesses that cannot be taken lightly, and there are several ways that you can be cautious about keeping your own finances safe before the April 15 deadline to pay taxes.

The Department of Homeland Security has put together some tips on what to watch for when it comes to avoiding phishing and identify theft.

Another type of security is the peace of mind that your banking needs are being met by experts in the field who know your hometown business. That’s where First Utah Bank can help, with our variety of business banking offerings put together by agents who understand how to do business in the state.

Don’t fall for phishing scams

Homeland Security notes that more than 90% of data thefts begin with a phishing scam. This is where cyber criminals use an unsolicited email to pose as a retailer or financial institution and tell a false, yet urgent, story about an issue with your own accounts or business. You are then asked to open a link or download an attachment.

This is where it gets dicey. That link likely leads to a website where you input valuable information like a password or username for the business they are impersonating, or the attachment instead downloads malware that can corrupt your computer. To prevent this, simply delete any emails you suspect of being a phishing tactic. If you received the email on your work server, alert your information security office on how to proceed.

Cyber thieves who are phishing may also send letters marked “United States Treasury” or make phony calls about back taxes being due, according to Homeland Security. Know that the Internal Revenue Service asks for taxes due to be paid only through “United States Treasury,” and that you can check your balance through the official IRS.gov website. Also, the IRS never calls to threaten you to pay your back taxes.

Keeping your identify safe from cyber criminals
One way that your business can be compromised is through identity theft, and Homeland Security notes that there are more cunning ways that some are trying to commit this type of fraud. Cyber identity thieves are using details on the tax code and industry methods to try and steal valuable identity elements.

Homeland Security suggests that business owners, partnerships, and estate and trust filers should contact them if any of these signifiers of identity theft take place:

• The extension to file a request with your tax return is rejected because it shows that your Social Security Number or Employee Identification Number is already on file.
• Your e-filed tax return is rejected because a SSN or EIN is already on file.
• You receive an unsolicited receipt for a tax transcript or an IRS notice that doesn’t correspond to what was submitted by your tax filer.
• If you don’t receive routine or expected notices from the IRS, which means that your address may have been changed by the cyber thief.

The way to solve this is to be in close contact with your trusted tax preparation team. They will know how to avoid and prevent an identify theft from happening, as most are taking steps to ensure that identity is protected during the tax process. Tax preparers can do this because the products used to file taxes are now electronically linked with state and federal tax agencies, such as the IRS. They will be extra vigilant when it comes to protecting your private information.

Ways First Utah Bank can help with business banking

With details like these to consider, one way to rest easy is to work with the agents at First Utah Bank for your banking needs. Our staff members live and work in Salt Lake City and throughout the state, and have plenty of expertise to share when it comes to providing solutions to your day-to-day financial tasks.

Among the offerings are business checking to manage cash flow, business savings to earn interest while controlling on-hand cash, treasury management to manage your cash position with security, and business lending tailored to where you business is right now or where it needs to be in the future.

Find out more about what First Utah Bank can offer you for business banking. You can get more details at firstutahbank.com.