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Working Virtually: Protecting Tax Data at Home

Working Virtually: Protecting Tax Data at Home 2025

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The document outlines the importance of tax professionals having a written information security plan to protect taxpayer data, especially when working virtually. It emphasizes compliance with Federal Trade Commission requirements and the necessity of an emergency response plan for data theft incidents. Tax professionals are instructed to report any data theft immediately to the IRS and relevant authorities to safeguard both their clients and their practice.

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2020	4.8 Satisfied (25 Votes)

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Are CPAS required to have a WISP?

All accounting firms in the United States who are tax preparers are required by the FTC Safeguards rule and IRS 4557 guidelines to have in place a data security plan which outlines the protocols and processes which protect customer information and guard against data breaches.

What is the penalty for not having a wisp?

Without a WISP you are not compliant ing to the Gramm-Leach-Bliley Act (GLBA) and the Federal Trade Commission Financial Privacy and Safeguards Rule. Non-compliance could cost your firm up to $100,000 in fines, loss of license, and up to 5 years in prison.

Is WISP required by IRS?

Federal law, enforced by the Federal Trade Commission, requires professional tax preparers to create and maintain a written data security plan. Having a WISP protects businesses and clients while providing a blueprint of action in the event of a security incident.

Is IRS requiring the WISP?

Legal Compliance: The IRS requires tax filers to comply with various regulations and standards to safeguard taxpayer information. Implementing a WISP is not just good practice; its a legal requirement to ensure that businesses adhere to IRS guidelines and avoid potential penalties for non-compliance.

Are tax preparers responsible for safeguarding taxpayer data?

Protecting client data also is the law. Federal Trade Commission regulations require professional tax preparers to create and enact security plans to protect client data. Review IRS Publication 4557, Safeguarding Taxpayer Data PDF, for details and security recommendations.

Is WISP required?

WISP is a mandatory program for SSS members with a monthly salary credit of more than PHP 20,000.

What is form 4557?

Data Security Plan. The IRS 4557 guidelines were released to make clear the requirements around data security for tax preparers in the United States. One of the primary requirements includes the implementation of a suitable information security plan for accounting firms of every size.

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