Advanced Records Retention for Tax Professionals

$219.00

SKU: 409483

Description

Ensure your record retention policies are consistent with existing best practices and professional standards.
Tax practitioners can often find themselves in situations where they are nearly overwhelmed with paper documents and electronic files that have been generated over the course of their work. This information can generally be broken down into either firm business records or client work product and documentation records. The sheer volumes of information that accumulate over the course of years lead to questions of how this information should be effectively and efficiently stored retained and ultimately disposed of while meeting professional standards imposed by both the IRS and AICPA. Noncompliance can result in significant penalties and liability exposure. This presentation will help tax practitioners understand what constitutes a compliant document retention policy and the best practices for implementing such a policy. This workshop is critical for tax practitioners so that they can ensure that their record retention policies are consistent with existing best practices and professional standards.

Date: 2024-05-10 Start Time: 1:00 PM ET End Time: 2:40 PM ET

Learning Objectives

* You will be able to describe the importance of having a clearly defined record retention policy.

* You will be able to discuss the best practices for paper and electronic storage of client documents.

* You will be able to explain the rules relating to recordkeeping requirements for tax preparers.

* You will be able to identify the risks of noncompliance.

Legal Requirements for Record Retention
• Review of Pertinent Internal Revenue Code Sections and IRS Guidance
• Applying Relevant Professional Standards
• Determining the Length of Required Time to Retain Client Documents
• Analysis of Procedures for Client Requests of Documents
• Understanding the Penalties for Non-Compliance

Best Practices for Record Retention
• Document Retention Policies for Firm Operations and Client Records
• Proper Treatment of Disposing of Firm and Client Records
• Determining the Proper Life Cycle of Client Records
• Considerations Regarding Document Importance and Sensitivity

Incorporating a Paperless Environment
• Applying Different Procedures for Paper and Electronic Files
• Organizing Electronic and Paper Documents for Swifter Access
• Considerations for the Use of Software, Data Imaging, and Electronic Databases
• Using Email, Faxes, and Texts to Send and Receive Client Information

AIPB ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Marc Armstrong-Gerber Kawasaki