Article: Tax Advisers, Return Preparers and Financial Planners Subject to New Federal Privacy Disclosure Rules(*).(Brief Article)

The 1999 Gramm-Leach-Bliley Act contains provisions that are intended to protect the privacy of very broadly defined financial services, including tax planning, financial planning and tax return preparation. Under this Act, the Federal Trade Commission has issued regulations that require disclosure of certain information to consumers, and CPAs need to be aware of these requirements because they are in effect now and full compliance is required by July 1, 2001.

Generally, the FTC has been given the authority to regulate the privacy practices for financial services provided to consumers, other than those provided by banks, credit unions, securities companies, ...

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