All of us are concerned about privacy, particularly in the social media world we live in today. In December 2009 Facebook announced changes regarding new privacy controls for information sharing. If you opted for Facebook’s recommended settings you may now be surprised to find that you inadvertently gave Facebook the right to publicize your private information including status updates, photos, and shared links. Be sure to read The 3 Facebook Settings Every User Should Check Now at The New York Times online today.

On December 30, 2009 the IRS issued two revenue rulings (Rev. Ruls. 2010-4 and 2010-5) that provide guidance to tax return preparers on situations in which they will not be liable for civil or criminal penalties under IRC 7216 for disclosing or using tax return information.

IRC 7216 prohibits a tax return preparer from “knowingly or recklessly” disclosing or using tax return information. A violation could result in a preparer’s being charged with a criminal misdemeanor involving a maximum penalty of $1,000 or one year in prison, or both, plus costs of prosecution.

Read more at Journal of Accountancy and this website.