Get Your Free IRS WISP Template for Tax Compliance

VeritGuard's WISP solution offers several advantages:

• Expert guidance from information security professionals
• Time-saving templates tailored to tax and accounting firms
• Ongoing support and updates to keep your WISP current
• Integration with other VeritGuard security services for comprehensive protection

Absolutely. Our WISP solution is specifically designed for accounting and tax firms, offering:

• Compliance with IRS regulations and other relevant laws
• Customization to your firm's specific needs and size
• Scalability to grow with your firm

Without a proper WISP, your firm may face several serious consequences:

• Inability to renew PTIN (Preparer Tax Identification Number):
  • A valid WISP is now required for PTIN renewal
  • Without PTIN renewal, you cannot legally prepare tax returns for compensation
  • This can effectively halt your tax preparation business
• Legal and regulatory penalties:
  • Fines up to $100,000 per violation
  • Potential imprisonment for severe cases of non-compliance
• Increased security risks:
  • Greater vulnerability to data breaches and cyber attacks
  • Higher likelihood of unauthorized access to sensitive client information
• Reputational damage:
  • Potential loss of client trust
  • Damage to your firm's reputation in the industry
  • Difficulty attracting new clients or retaining existing ones
• Personal liability:
  • Firm members may be held personally responsible for data breaches
  • Possible legal action against individual practitioners
• Business disruption:
  • Potential suspension or revocation of professional licenses
  • Interruption of business operations due to security incidents or regulatory actions

By implementing a proper WISP with VeritGuard's solution, you not only ensure compliance and PTIN renewal eligibility but also protect your firm's operations, reputation, and future success.

Our WISP solution seamlessly integrates with other VeritGuard offerings:

• Combines with our anti-phishing and other security services for comprehensive protection
• Aligns with VeritGuard's managed IT services for cohesive security management
• Can be part of VeritComplete for an all-in-one IT and security solution
• Provides a foundation for ongoing security improvements and adaptations

No, we don't sell pre-made WISP templates. Here's why:

• A simple template can't be compatible with all businesses
• Each firm has unique needs that require a tailored approach
• Our focus is on helping you achieve genuine compliance, not just paperwork

Instead, we offer a comprehensive approach:

• We first help you achieve compliance using VeritGuard's security solutions
• Then, we assist in preparing your WISP based on your actual security measures
• This ensures your WISP accurately reflects your firm's specific security practices
• The result is a truly effective WISP, not just a generic document

A Written Information Security Plan (WISP) is a formal document that outlines an organization's approach to protecting sensitive information and maintaining the security of its data systems. It serves as a roadmap for implementing effective information security practices and safeguarding confidential data, mitigate risks, and comply with relevant legal and regulatory requirements.

The purpose of a WISP is to establish a systematic and proactive approach to information security. It ensures that appropriate measures are in place to protect sensitive data from unauthorized access, alteration, disclosure, or destruction. All this helps in mitigating the risk of data breaches, cyber-attacks, and other security incidents by promoting a culture of security awareness and providing guidelines for incident response and recovery.

Creating a Written Information Security Plan can be challenging, especially for individuals without prior experience or knowledge in information security. Developing a comprehensive and effective WISP requires an understanding of relevant laws and regulations, industry best practices, risk assessment methodologies, and technical security controls. It involves identifying and assessing potential vulnerabilities, establishing policies and procedures, and addressing various aspects of information security.

While it is possible to create a WISP independently, it can be time-consuming and may require significant research and expertise. That is where engaging with professionals or utilizing reputable templates and resources can streamline the process and ensure the WISP's quality and effectiveness.

Accounting and tax firms need a Written Information Security Plan to comply with legal regulations, safeguard client confidentiality, mitigate cybersecurity risks, and build trust. A WISP provides a comprehensive framework to implement information security measures and protect sensitive financial/personal data, which is essential for the firm's operations and maintaining client trust.

If an accounting or tax firm does not have a Written Information Security Plan in place, several negative consequences can occur, such as:

• Legal and regulatory consequences

Without a WISP, the firm may fail to meet legal and regulatory requirements, leading to potential penalties, fines, or legal liabilities. Non-compliance with data protection laws, such as the GLBA or HIPAA, can also result in severe consequences that can harm the firm's reputation and financial stability.

• Data breaches and cyber attacks

The absence of a WISP increases the vulnerability of the firm's systems and sensitive client data to cyber threats. The firm becomes an attractive target for hackers, which increases the risk of data breaches, unauthorized access, theft, or disclosure of confidential information. This can lead to significant financial losses, reputational damage, and loss of client trust.

• Hefty fines and penalties

The Federal Trade Commission has enforced a rule across different regulatory sectors, and non-compliance with this rule carries significant penalties including a fine of $100,000 on the violating firm for each instance of non-compliance. Besides this, individual members of the firm are personally liable and may be required to pay a fine of $10,000 for each violation.

Title 18 of the United States Code establishes that individuals who violate this rule may face imprisonment for up to five years per violation. Both fines and imprisonment can be imposed on the violating party.