It is becoming increasingly clear that data security and privacy-related issues will become a matter of concern for more and more businesses, as the states and federal government alike have begun to pass more and more laws and regulations regarding the handling of their clients' and customers' personal information.
States such as Massachusetts and Nevada are leading the charge by extending their laws and regulations regarding the handling of "personally identifiable information" to companies that handle the information of their citizens, even if the company is not located or even does business within their borders.
Likewise the Federal Trade Commission is implementing more and more regulations and guidelines which will impact businesses in many different fields, ranging from financial institutions to retail stores, which will place very specific requirements on how companies must handle and protect their customers' data.
Businesses of all sizes need to be aware of these developing regulations and have a full understanding of how they may impact the way companies do business. More to the point, business of all types need to identify what sort of new and perhaps unexpected liabilities may now confront them in this changing, information-driven economy in which we now live.
Now more than ever, an ounce of prevention is worth a pound of cure.
Taxes Change for Partnerships and S Corporations
2 months ago