The IRS is reminding tax practitioners of a safeguards rule that requires all firms to have a written information security plan.
The plan, according to the Gramm-Leach-Bliley Act (GLBA) safeguards rule, must describe how a practitioner’s firm protects clients’ confidential information. Failure to do so may result in a Federal Trade Commission investigation.
A GLBA information security plan template, designed by the AICPA Tax Section, is available to AICPA members. Find more data security responsibilities here.