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Jul 30

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 Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →