Castaneda CPA & Associates PS

Is your company required to comply with the changes the Federal Trade Commission's is implementing regarding the Financial Data Security Rule.

Financial institutions covered by the Safeguards Rule must comply with certain provisions by June 9, 2023.

The FTC approved changes to the Safeguards Rule in October 2021 that include more specific criteria for what safeguards financial institutions must implement as part of their information security programs. While many provisions of the rule went into effect 30 days after publication of the rule in the Federal Register, other sections of the rule were set to go into effect on December 9, 2022. The provisions of the updated rule specifically affected by the six-month extension include requirements that covered financial institutions:

• Designate a qualified individual to oversee their information security program,
• Develop a written risk assessment,
limit and monitor who can access sensitive customer information,
• Encrypt all sensitive information,
• Train security personnel,
• Develop an incident response plan,
• Periodically assess the security practices of service providers, and (schedule periodic checks on the calendar)
• Implement multi-factor authentication or another method with equivalent protection for any individual accessing customer information.

More information can be found on the FTC gov news bulletin at:

FTC Extends Deadline by Six Months for Compliance with Some Changes to Financial Data Security Rule The Federal Trade Commission today announced it is extending by six months the deadline for companies to comply with some of the changes the agency implemented to strengthen the data security safeg

Spoiler Alert - it's on a case by case basis! Tax Time is here - if you feel lost - connect with us before the penalties kick in!

Whoa, good day for Accountants helping small to med-sized companies! Cheers. (Clarification, this does not apply to 1099-MISC)

Finally, a New Year.

Most people won't miss 2022.

The year was defined by federal interest hikes, continued domestic crises, lingering pandemic effects, unstable economies, lethal weather extremes, and more than anything else, the outbreak of a devastating war in Ukraine. The sentiment was one of little control, poor visibility, and unresolved issues that kept piling on.

That is why today is such a special opportunity to start a new chapter. As we set the tone for 2023, we wanted to remind you to focus on what you can control, how your past experiences have prepped you for the day, and to be satisfied with what your limits are today. What got you here, won’t always get you there. We believe in going the extra mile for our clients in the lowest of lows to make our highest of highs that much sweeter. To all our clients, we believe 2023 will be your year for entrepreneurial endeavors and we wish you a Happy New Year.

Castaneda CPA & Associates, PS

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Castaneda CPA & Associates PS