Discussion:Are You Ready for the Red Flags Rule
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Revision as of 22:57, 7 August 2009
Discussion Forum Index --> Tax Questions --> Are You Ready for the Red Flags Rule
| 7 August 2009 | |
| The AICPA News Update email I received today informs me that the FTC has announced postponement of its "red flag rule" requiring "creditors" to implement written policies and procedures to deter identity theft. http://www.ftc.gov/opa/2009/07/redflag.shtm This pushes back the deadline from August 1 to November 1. Under the rule, "financial institutions" and "creditors" will be covered. Guess what? If you don't get paid at the time you deliver your product, you are a creditor and will fall under the purview of this rule.
http://www.ftc.gov/bcp/edu/pubs/business/idtheft/bus23.pdf The AICPA has request exemption from the rule for CPA's. Whether that request will be successful remains to be seen. How about you EA's (Kevin). How about your client's? (Possible new revenue source??) I guess now is the time to at least find out about this stuff. | |
