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As a tax practitioner, you may have contemplated adding personal financial planning services to your practice. There is a natural progression to go from being your client's most trusted tax advisor to also being their most trusted personal financial advisor. But you have questions: will it be profitable? How do I get started? What are other CPA firms doing? All of these questions are addressed in a new research study published by the AICPA's PFP Section that can show you how to expand your services into this lucrative niche area that is a great compliment to your tax practice.

The Personal Financial Planning Section of AICPA and Moss Adams LLP are pleased to announce the results of their first joint study of CPA financial planning and advisory practices- AICPA/Moss Adams CPA Financial Planning Practice Study.

Click here for more information

 
Tax Home > Resources > Tax Advocacy for Members > Congress Exempts CPAs from Gramm-Leach-Bliley Disclosure Provisions

September 30, 2006
Congress Exempts CPAs from Gramm-Leach-Bliley Disclosure Provisions 

On Friday, September 30, Congress passed an exemption for CPAs from the privacy disclosure provisions of the Gramm-Leach-Bliley Act (GLB), apparently recognizing that our Code of Professional Conduct already protected the confidentiality of client information. We expect the President’s signature shortly.

As a result of this exemption, you will no longer have to send out annual privacy disclosure statements to each of your individual clients, detailing the financial information you retain and what disclosures of that information you may make. These disclosure statements were expensive, time consuming, and often confusing to clients.

Please note that the new legislation does not exempt CPAs from the “safeguards” provisions of GLB, which require you to (1) secure client information; and (2) have written procedures to protect client financial information. However CPAs typically have more than adequate security measures and documentation to meet these requirements.

The AICPA Tax Team has worked on GLB since its enactment, providing simplified disclosures that were approved by the FTC staff, and supporting the AICPA Congressional and Political Affairs Team as they successfully lobbied for this exemption.

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Copyright © 2006 by the American Institute of Certified Public Accountants, Inc., New York, New York.