The monetized installment sale (MIS), which is more of a product than a tax concept sounds very attractive. In the right circumstances MIS promises a very long deferral of capital gains tax for a reasonable cost. But does the strategy actually work?
Tax professionals must take measures to prevent unauthorized access to customer information. For example, you should limit access to customer data to only those employees who need it for their jobs. Also, outsourcing tax preparation in your firm can impact this security.
In October 2019, the IRS added a new question about data security responsibilities to the form to obtain or renew a PTIN. As a tax professional, it’s important to understand what the Gramm-Leach-Bliley Act requires and how you can comply.
Keep reading to learn what steps you can take to help protect the confidential information of clients and ensure GLBA compliance.