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. Non-compliance 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.
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 record-keeping requirements for tax preparers.
- You will be able to identify the risks of non-compliance.
Agenda
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
Speakers
Marc Armstrong,
Gerber Kawasaki- Tax Director
- Focus on working with high-net-worth individuals and small businesses
- Speaker on various topics, including Tax Options for Developing and Selling Appreciated Land
- Author of The Evolution of the California Filing Requirements for Foreign Partnerships, Sept. 1, 2015, California CPA/California Society of Certified Public Accountants and Uncertain Certainty, Dec. 1, 2020, California CPA/California Society of Certified Public Accountants
- CPA, CFP, and CFA charter holder
- Master’s degree in business taxation, University of Southern California; B.S. degree in accounting and business with an emphasis in information systems
Who Should Attend
This live webinar is designed for controllers, CFOs, tax managers, tax preparers, accountants, CPAs, accountants, bookkeepers, presidents, vice presidents, and directors.
