Keeping Taxpayer Data Secure

  • Credits: 3
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Paul J. Winn CLU, ChFC
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01691-21-S | 6233-CE-0414 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© January 2021 General Understanding of Taxes Self-Study eBook
COURSE DESCRIPTION

The annual global cost of cybercrime is high and getting higher all the time. In fact, cybercriminals reap a windfall from their activities that is estimated to have been $450 billion in 2015 and is anticipated to climb to an annual $6 trillion average by 2021. In the United States alone, the FBI received reports of 467,361 complaints involving $3.5 billion in 2019. Almost all of that cybercrime began with—and continues to start with—a social engineering concept is known as “phishing.”

Certain business organizations, among which are those referred to as “financial institutions,” are charged by the FTC with taking particular steps to protect their customers’ financial information. Included in the category of financial institutions are professional tax preparers. Professional tax preparers normally maintain a significant amount of taxpayer information in various files—electronic and paper—that would be a treasure trove for cybercriminals.

In this course, tax preparers are introduced to the problem of cybercrime and its costs, offered methods that can be expected to reduce the chances of becoming a cybercrime victim, and informed of proper steps to take if they do become victims of cybercrime. Accordingly, it will examine cybercrime.

Topics include:
  • The extent of the cybercrime problem;
  • The potential costs to a tax preparer whose taxpayer data have been breached;
  • The best practices a tax preparer may implement to avoid becoming a cybercrime victim; and
  • What a tax preparer should do if its taxpayer data has been breached.

Learning Objectives:

After reading the course material, you will be able to:

  • Recognize the pervasiveness of cybercrime;
  • Identify the potential costs of experiencing a data breach;
  • Understand the best practices that may be implemented to protect a tax preparer from cybercrime; and
  • List the responsibilities of a tax preparer who has experienced a taxpayer data breach.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with All State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC