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The Daily Brief

IRS Urges Advisors: "Don't Take the Bait"

IRS educates advisors on phishing scams, a Long Island stockbroker sued for libel and an assessment on the next generation's money management skills.

With phishing scams and data breaches becoming increasingly common aspects of tax season, the IRS is continuing its efforts to educate preparers and advisors on the importance of cybersecurity. The service announced that it's launching a new aspect of its “Protect Your Clients, Protect Yourself” campaign, called “Don’t Take the Bait,” that will focus on so-called phishing scams. John Koskinen, IRS Commissioner, explains, "These efforts are increasingly targeting tax professionals and businesses with tax information. Too many still overlook basic security steps needed to protect their data. As part of this, we urge the tax professional community: Beware your inbox. Don't take the bait from these phishing scams."

Stockbroker "Sal Lami" Sued for Fake Reviews of Law Firm

Legla law concept image, scales of justice and books

A Long Island stockbroker used a series of online aliases, based on the names of delicatessen meats, to post negative reviews of a law firm that angered him, according to the New York Post. Using names like Sal Lami, Peppe Roni and Cole Kutz, the stockbroker, identified as Anthony Puppo, posted disparaging reviews on a Google platform of law firm Fitapelli Kurta. Puppo was upset the attorneys posted a blog post containing public information about a complaint on his securities license. Puppo also posted reviews under the names Stan DePain, Al Coholic and Hal Jalikakik. After he was tracked down, Puppo agreed to remove the fake reviews, but, according to the report, could not remember the passwords of the accounts. The law firm is suing for damages.

Generation Z Will Be No Better At Managing Money

A recent assessment by the Program for International Student Assessment found today's teenagers (Generation Z) are no better than previous generations when it comes to managing money. A study conducted every three years showed scores by 15-year-old American students were relatively the same in 2015 compared to 2012, and their performance was average compared to international peers. Teenagers in China, Belgium, Canada, Russia, the Netherlands and Australia all scored better.

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