Every Tax Preparer Is a Financial Institution Under Federal Law. Many Have No Written Security Plan.
Every Tax Preparer Is a Financial Institution Under Federal Law. Many Have No Written Security Plan.
The IRS is in the final week of its summer campaign telling tax professionals to write one. Industry data says the firms it applies to are mostly two-person shops.
KANSAS CITY, Mo., Aug 07, 2026, ZEX PR WIRE — If you prepare tax returns for a living, federal law counts you as a financial institution. Same category as a bank. That classification carries an obligation most small firm owners have never heard of: a written information security plan (WISP), on paper, kept current.
The Gramm-Leach-Bliley Act is what does it. Under GLBA, tax and accounting professionals are considered financial institutions and must implement a data security plan, which puts them under the Federal Trade Commission...
