Red flag rule postponed again

As you have probably already heard, the FTC is delaying enforcement of the Red Flags Rule until November 1, 2009 to give “small business[es] and other entities more time to develop and implement written identity theft prevention programs.”

The FTC also announced that it will “redouble its efforts” to educate small businesses and other entities about compliance with the Red Flags Rule. The FTC anticipates creating a special link on the FTC website for small and low-risk entities, with guidance and direction regarding compliance with the Red Flags Rule. See www.FTC.gov/redflagsrule. This response from the FTC is a result of the House Appropriation Committee’s request that the FTC defer enforcement for health care providers and small businesses that have a low risk of identity theft problems.

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About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.