Security

The report found that required tracking documents, such as Forms 3210, Document Transmittal, are not included with these shipments and/or not prepared properly.

This marks the eighth year that the Security Summit partners have worked to raise awareness about these issues through the "Protect Your Clients; Protect Yourself" campaign.

Firms need to consider technology as an opportunity – not a challenge - to help drive efficiency and overcome their top five talent-related challenges.

By now, most tax preparers are aware they need to comply with the FTC Safeguards Rule and IRS Publication 4557.  Failure to do so could result in stiff penalties.

It only takes one breach to destroy a firm’s good reputation, and breaches are stressful and costly to remediate.  Plus, most firms cannot afford the possible FTC penalties for non-compliance.

Practitioners who fall under the ruling may be subject to an investigation by the FTC which could result in steep penalties and fines for not complying - up to $43,000 per day.

While primarily targeted at companies maintaining more than 5,000 client records (think tax returns), certain safeguard components are required for firms with fewer than 5,000 records.

The new solution from ShareFile improves client experiences by delivering simple, frictionless interactions.