Live Webinar

100-minute live streaming program
  • May 10
  • 1:00 - 2:40 pm EST

Also available as:

OnDemand Course

Advanced Records Retention for Tax Professionals

May 10

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.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE 2.0 including Business Management and Organization 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Management and Organization for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

OnDemand Course

This course was last revised on February 26, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for controllers, CFOs, tax managers, tax preparers, accountants, CPAs, accountants, bookkeepers, presidents, vice presidents, and directors.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Marc Armstrong

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
  • Can be contacted at [email protected] or 310-432-7442
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

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  • State Specific Credit Tracker
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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 409483
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