November's Tax Tip: The Importance of a Solid WISP & Advanced Transcript Reports
IRS Solutions Software
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Here are the latest tips and news for tax resolution specialists; we hope you enjoy it!?
DID YOU KNOW?
Do you have your WISP written yet??
It is an IRS law for tax professionals to have a Written Information Security Plan (WISP).
A WISP?is a plan that outlines how a tax professional will protect their clients' information from cyberattacks and data breaches.?The law requires all tax professionals to have a WISP in place.
Failure to comply with the law can result in penalties of up to $100,000 per violation.
Tax professionals should develop and implement a WISP as soon as possible to avoid penalties and protect their clients' information. The IRS provides guidance on how to do this in Publication 5708, "Creating a Written Information Security Plan for Your Tax & Accounting Practice."?
The IRS has a sample plan for all of us to use. Check out this recent article?posted on the IRS website, on the topic of raising awareness around identity theft and scams.?
Find out everything you need to know about tax resolution here!
TAX TIP
Transcript Reports made for your clients
One commitment IRS Solutions makes to members is delivering the tools and service you need to be successful in tax resolution.
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Not only does our software provide detailed reporting that clients find easy to read, but streamlines transcript data into comprehensive reports that enables you to look like a Pro to your clients.?
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