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Get ready now for Red Flags rule enforcement in December.

The Federal Trade Commission has delayed enforcement of its Red Flags Rule until Dec. 31, 2010, for financial institutions and creditors subject to the FTC's jurisdiction including CPA firms. Businesses that bill customers for sales or services after services have been performed, even in the normal course of a traditional billing process are considered a "creditor" under the current Red Flags rule that has yet to go into effect.


The Red Flags Rule requires many businesses and organizations to implement a written identity theft prevention program designed to detect the warning signs--or red flags--of identity theft in their day-to-day operations.

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Title Annotation:news&trends
Publication:California CPA
Article Type:Brief article
Geographic Code:1USA
Date:Sep 1, 2010
Previous Article:Breaking the mold.
Next Article:DOL rule on disclosure of fees and conflicts of interest affecting 401(k) and other plans.

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