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.