Data protection and its impact on CPAs

• Published in: The Tax Adviser Vol. 55; no. 3; pp. 50 - 52
• Main Author: Davis, Conrad
• Format: Magazine Article Trade Publication Article
• Language: English
• Published: New York American Institute of CPA's 01-03-2024; American Institute of Certified Public Accountants
• Subjects: Accountants; Accounting; Cybersecurity; Data integrity; Data security; Ethical aspects; Financial Services Modernization Act 1999-US; Fines & penalties; Innovations; Laws, regulations and rules; Privacy; Professional ethics; Professionals; Professions; Records and correspondence; Safety and security measures; Software; Tax consultants; Tax services; Technological change; Telecommuting; Virtual private networks
• ISSN: 0039-9957

[...]the statement is written broadly to address the differences in firms and constant changes in technology, laws, and threats. In recent years, the IRS and the Federal Trade Commission have heightened attention to remind preparers of this rule, including adding to the preparer tax identification number (PTIN) application and renewal form a question asking the preparer to verify that they have a WISP. Useful links for additional information and guidance * IRS Publication 4557, Safeguarding Taxpayer Data * IRS Publication 5293, Protect Your Clients; Protect Yourself: Data Security Resource Guide for Tax Professionals * IRS Publication 5708, Creating a Written Information Security Plan for Your Tax & Accounting Practice * IRS Publication 5709, How to Create a Written Information Security Plan for Data Safety * Slatten and Marietta, "Complying With the Safeguards Rule for Information Security," 54-5 The Tax Adviser 50 (May 2023) * Holets, "Proposed AICPA Tax Standards Address New Concerns," 234-12 Journal of Accountancy 30 (December 2022) * SSTS 1.3., Data Protection