The FTC Safeguards Rule moved into the “penalty phase on” June 9, 2023. Under the Rule tax preparers, and firms providing services of a financial nature to clients, must implement security plans to protect client data. Failure to do so may result in an FTC investigation including possible stiff penalties.
Combatting today’s cybercriminals takes knowledge, good technology, and training for staff, because data thefts at tax professionals’ offices are on the rise. The requirements are outlined in various publications, including IRS Publication 4557. Any professional who holds a PTIN falls under the Pub 4557 requirements.
The best way for firms to demonstrate compliance with both IRS Pub 4557 and the FTC Safeguards Rule is with a Written Information Security Plan (WISP).
In this 120-minute self-paced Master Class, participants receive expert-led instruction plus over 20 downloadable and editable templates, policies, and guidelines designed to help them quickly create and roll out their WISP.
- Learn about the required security and privacy standards under both IRS and FTC Regulations
- Understand exactly how firms need to protect client data
- Explore the key roles that staff and clients play in keeping data safe
- Discover security “holes” present in most firms – and learn how to patch them
- List examples of basic security steps and how to take them
- Identify the signs of data theft and how to report data theft
- Discover the key steps firms need to take to complete and roll out their WISP
- Leverage templates, policies and guidelines to actually complete the firm’s WISP
Field of Study: Information Technology / Practice Management
Prerequisites: Basic knowledge of tax return preparation processes and cybersecurity issues
Advanced Preparation: None