Securing Your Tax Business: Avoiding Sanctions | CPE Course

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Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Tax Preparer

Date & Time

event Date
Wednesday, May 1, 2024
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
110 minutes

Credit Information

BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00

CPE

ALL

This webinar will cover critical policies and procedures that firms providing tax services must have in place to ensure compliance with the FTC and IRS guidelines, circumvent data security breaches, and avoid related sanctions. Our authoritative panel of veteran tax advisers will describe cybersecurity measures and policies to protect taxpayers' information and deter potential litigation and penalties.

Faculty

Josie Harris-Walton

Miscellaneous

Ms. Harris-Walton is an accomplished attorney with an illustrious reputation in tax law, Ms. Harris-Walton is affectionately known as the "TaxPros Attorney." She is renowned for her innovative TaxPros Concierge framework, a solution that ensures tax professionals remain in compliance with the IRS and tax laws, granting them relief for any legal entanglements or imprisonment. Ms. Harris-Walton's educational background is just as impressive, holding a Master of Law in Taxation (LL.M. in Taxation) from DePaul University School of Law. Driven by her passion and dedication to helping tax professionals and businesses resolve complex tax and corporate issues have made her a trusted advisor in the industry. With more than a decade of experience in the legal profession, Ms. Harris-Walton has garnered accolades for her expectational skills, unwavering attention to detail, and client-focused approach. She strives to guide her clients through the intricates of tax and corporate law. Ms. Harris-Walton is committed to helping her clients navigate the often complex and challenging world of tax and corporate world with ease and confidence.

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Shauntee Billups

Owner

Luxury Tax Services

Ms. Billups is fueled by a burning desire to empower others both financially and mentally. She dedicates herself to helping individuals align their minds, body, and business. Having triumphed over an intense nearly 6 figure IRS audit without incurring any fines, Ms. Billups started Luxury Pro Tax Solutions to help fellow tax professionals in starting, growing, and scaling their businesses. Through her teachings, she provides invaluable knowledge on maintaining compliance with the IRS but also shares strategies for implementing efficient systems, ensuring seamless business operation, and ultimately, securing financial success.

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Description

Ensuring your tax practice is secure and compliant is paramount and mandated. The first step to circumvent future problems begins with properly vetting new clients. Existing and accepted clients should be advised of the firm's policies and notified of the parameters of a tax engagement. Staff needs to be well-trained and up-to-date on the latest tax developments.

Due to the volume of personally identifiable information (PII) they collect, tax practices are targeted by cybercriminals. Implementing data security measures to avoid cybercrimes or unintentional disclosure of data is a must. A WISP (Written Information Security Plan) is required by the FTC for tax professionals. Failure to comply can subject a practice to criminal and civil penalties under IRC Sections 7216 and 6713.

Securing a tax business is a monumental task. However, there are specific steps firms can take to facilitate compliance and avoid sanctions. Understanding how best to communicate securely with clients, implement required policies, and respond to data security breaches is key.

Listen as our panel of accomplished tax experts details specific steps tax professionals can take to secure their businesses and safeguard client data.

Outline

Securing your tax business: introduction
Client due diligence
Compliance with tax laws and regulations
Data security measures
Cybersecurity measures: WISP
Employee screening and training
Communications protocols
Cooperation with regulatory authorities
Internal investigation protocol
Legal counsel and professional advisers
Continuous improvement
Conclusion and recap

Benefits

The panel will cover these and other critical issues:

Implementing a WISP
Avoiding criminal and civil penalties for noncompliance with required cybersecurity measures
Steps to screen and train employees
Performing thorough due diligence when accepting new clients
Cybersecurity measures to protect clients' PII

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Identify components of a WISP
Determine steps to take before accepting new clients
Decide what cybersecurity measures should be implemented to safeguard clients' data
Ascertain steps to take after a data security breach

Field of Study: Taxes
Level of Knowledge: Intermediate
Advance Preparation: None
Teaching Method: Seminar/Lecture
Delivery Method: Group-Internet (via computer)
Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.