Internal Revenue Code (IRC): Federal tax regulations that govern tax reporting requirements and compliance standards for bookkeeping practices
Bank Secrecy Act (BSA): Federal law requiring financial institutions and businesses to assist government agencies in detecting and preventing money laundering
Anti-Money Laundering (AML) Regulations: Regulations designed to prevent the conversion of illegally obtained money into legitimate assets
Form W-9 Requirements: IRS requirement for obtaining taxpayer identification information from clients
Federal Information Security Management Act (FISMA): Standards for information security and data protection in federal agencies and their contractors
Gramm-Leach-Bliley Act (GLBA): Federal law requiring financial institutions to explain their information-sharing practices and protect sensitive data
Generally Accepted Accounting Principles (GAAP): Standard set of accounting principles, standards, and procedures that companies must follow when compiling financial statements
AICPA Guidelines: Professional standards and guidelines set by the American Institute of Certified Public Accountants
Customer Identification Program (CIP): Federal requirement to verify the identity of individuals and entities who open financial accounts
Know Your Customer (KYC): Due diligence practices required to verify the identity and suitability of clients
IRS Record Retention Requirements: Federal guidelines for how long various types of financial and tax records must be maintained
Sarbanes-Oxley Act: Federal law that established enhanced standards for corporate accountability and financial disclosures
State Privacy Laws: Various state-specific regulations governing the collection, storage, and protection of personal and financial information
State Accounting Board Requirements: State-specific regulations and licensing requirements for accounting and bookkeeping practices
State Tax Requirements: State-specific tax regulations and reporting requirements that affect bookkeeping practices
