Accountants, Bookkeeper & Tax Preparer Resources
Red Flag Rules
The Federal Trade Commission (FTC) "Red Flags" Rule requires many businesses to implement a written Identity Theft Prevention Program. The intent is to protect consumers by identifying red flags in advance and taking steps to prevent escalation to fraud. The Red Flags Rule is currently slated to go into effect June 1, 2010.
Learn more and if this applies to you and/or your clients.
Engagement Letters
Engagement Letters provide you with essential protective wording for your practice. In addition, they allow you the opportunity to market additional services and ultimately create a stronger relationship with your clients.
Engagement letters should be utilized for all services and include:
- Outline scope of services
- Clarify all timelines
- Disclose all fees
- Include services not provided
- Include mediation language
Claim Examples
As a professional bookkeeper or tax preparer, you may have more professional liability exposure than you are aware of. Read actual claim examples fro Travelers, along with relevant Risk Management Tips.
Claim Examples for Bookkeepers and Tax Preparers
Guidance on IRC § 7216 and it's revised Regulations
-
Revised regulations under IRC § 7216 limits tax return preparers' use and disclosure of information obtained during the return preparation process. These revised regulations provide for criminal (and civil) penalties for unauthorized disclosure of tax information.
-
IRS Links
Section 7216 updated rules for tax preparers
Section 7216 - Frequently asked Questions
Aids to preparing 7216 Consent forms
FAQs Related to Strengthened Taxpayer Control over Tax Information
