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January/February 2010
Article - Tips for Busy Season Marketing
Article - Social Networking Roundtable Recap
January 2010 - AAM Alert - IRS Issues Two Revenue Rulings
November/December 2009
Article - Bridging Your Budget Gap: 5 Quick Tips
Article - What’s the Plan for 2010?
Article - AAM Summit Session Recap: Video Killed the Radio Star
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Article - Tying Marketing to the Bottom Line: The Economy is Changing the Way Accounting Firms Market
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July/August 2009
IRS Regulation 7216 Information and Resources
Many of you may or may not be aware of the recent changes brought by IRS Regulation 7216 which may affect your business. This new regulation became effective on January 1, 2009, and failure to comply could bring criminal penalties. To help you remain compliant and also to maintain close contact with your clients, the following information is a summary of the new regulation for your benefit. The following information is only one interpretation of IRS Regulation 7216. It is an interpretation and does not constitute legal advice. As there are many practical issues not covered by this resource page, you are advised to seek your own legal counsel.
The new IRS regulations (26 CFR Part 301 Section 7216) could change the way you operate.As individuals or companies engaged in the business of preparing tax returns, you collect certain tax return information (taxpayer name, address, e-mail, etc.) from your clients. In accordance with Section 7216, you may not be permitted to transmit that data to a third party without the express written consent of the taxpayer. This includes sending the taxpayer non-tax related information in such form as a print or electronic newsletter, unless you've obtained written consent. Note: This applies to "tax-only" clients, not to clients for whom you may have performed other services:
Example 1: You prepare tax returns for Client A. This is the only service you provide to Client A. You need written permission to use Client A's information for a print or electronic newsletter unless it is a tax-only newsletter.
Example 2: You prepare tax returns for Client B. You also handle general accounting work, consulting or strategic planning for Client B. You may not need permission to use Client B's information for other information you send by mail or e-mail. You may send Client B any information you choose in the newsletter.
Example 3: You handle general accounting work for Client C. This is the only service you provide to Client C. You do not need permission to use Client C's contact information. You may send Client C any information you choose in the newsletter.
Below you will find links to the full text of Section 7216; IRS press releases, summaries, FAQs and an informational Web site. Failure to comply with Section 7216 could result in criminal penalties.
Educational Calls:
• IRS Reg 7216: Is Your Firm Ready? provided by the Association for Accounting Marketing.
Call date: Feb. 5, 2009
Links:
26CFR301.7216 parts 1-3
Regulation Information:
Website - information for tax return preparers regarding Section 7216 Internal Revenue Code:
http://www.irs7216.com/
PDI White Paper - What You Need to Know About Regulations Under IRC Section 7216
No firm or individual should rely on information contained within this communication with respect to their firm or situation. Please consult your counsel for specific guidance.
