How to Protect FTI, Avoid Penalties, and Gain Trust

IRS Safeguards 1075 compliance is a set of complex and rigorous security requirements that must be followed by any agency or contractor that handles federal tax information (FTI). Failure to comply with these requirements can result in severe penalties, such as fines, audits, or loss of access to FTI.

Being IRS Safeguards compliant has several benefits, such as:

  • Protecting FTI: By following the IRS Safeguards 1075 compliance standards, you can ensure the FTI you handle is protected from unauthorized access, use, disclosure, modification, or destruction. This can help you prevent data breaches, identity theft, fraud, and other cyber threats that can harm the taxpayers and your reputation.
  • Avoiding penalties: By complying with the IRS Safeguards 1075 compliance requirements, you can avoid the potential penalties that can result from non-compliance, such as fines, audits, or loss of access to FTI. These penalties can be costly, time-consuming, and damaging to your business operations and credibility.
  • Gaining trust: By demonstrating your compliance with the IRS Safeguards 1075 compliance standards, you can gain the trust and confidence of the IRS, the taxpayers, and your partners and clients. This can help you build and maintain positive and long-term relationships with them and enhance your competitive edge in the market.

If you are looking for a reliable and professional partner to help you achieve and maintain IRS Safeguards 1075 compliance, look no further than Precision Solution Group, LLC (PSG).

  • We are a team of experts with extensive experience and knowledge in the field of compliance.
  • We are the leading IRS Safeguards 1075 compliance vendor in the State of Ohio!
  • We have more that 14 years of experience in providing compliance.
  • We have participated in over 50 Ohio Attorney General Compliance audits.
  • We have been requested by the Ohio Attorney General to participate in EVERY scheduled IRS Safeguards 1075 compliance audit since 2013!
  • We have delivered perfect 100 scores on multiple compliance SCSEMs across several audits for our clients.

Have you ever received a perfect 100 on any compliance SCSEM?  If not, our commitment to you is to work tirelessly and reach every possible compliance goal to drive a positive financial impact for your agency.  Ask us how; we’d like to share the details with you.

We offer a range of services, such as:

  • Assessment: We conduct a thorough and comprehensive assessment of your current security posture and identify any gaps or weaknesses that need to be addressed to meet IRS Safeguards 1075 compliance standards.
  • Implementation: We help you implement the necessary security controls, policies, and procedures to ensure the confidentiality, integrity, and availability of FTI in your systems and networks. We also provide you with the documentation and evidence to demonstrate your compliance to the IRS.
  • Monitoring: We monitor your security performance and compliance status on an ongoing basis and provide you with regular reports and feedback. We also alert you of any changes or updates in the IRS Safeguards 1075 compliance requirements and help you adapt accordingly. We perform quarterly reviews of your compliance status with you and develop corrective action plans accordingly.
  • Support: We provide you with 24/7 support and assistance in case of any security incidents, breaches, or audits involving FTI. We also help you resolve any issues or challenges that may arise in your compliance journey.

With PSG, you can rest assured that your FTI is in safe and trusted hands. We help you reduce your security risks, costs, and hassles, and enable you to focus on your core business objectives.

How Long Does It Take?

IRS Safeguards compliant timeline:

  • There is no definitive answer to how long it takes to become IRS Safeguards compliant, as it depends on various factors, such as the current state of your security environment, the number and complexity of the security controls you need to implement, the availability and cooperation of your staff and stakeholders, and the frequency and intensity of the IRS audits and reviews.
  • With the Precision Solution Group model, we bring you to over 85% compliance within 7 days! Based on our experience, most compliance vendors estimate that it typically takes between 6 to 12 months to achieve and maintain IRS Safeguards 1075 compliance. This time frame may vary depending on your specific situation and needs. We work with you closely and efficiently to ensure you meet your compliance deadlines and objectives.

What Is The Process?

The process of becoming IRS Safeguards 1075 compliant involves the following steps:

  • Step 1: Establish a Safeguards Program. This is a formal document that outlines how your organization will protect FTI and comply with the IRS Safeguards 1075 compliance standards. It should include the roles and responsibilities of your staff, the security policies and procedures you will follow, the security controls you will implement, and the security training and awareness you will provide.
  • Step 2: Conduct a Safeguards Review. This is a self-assessment that evaluates your current security posture and identifies any gaps or weaknesses that need to be addressed to meet the IRS Safeguards 1075 compliance standards. You should use the IRS Safeguards Review Checklist and the IRS Safeguards Security Report Template to guide you through this process.
  • Step 3: Implement the Safeguards Recommendations. This is the action plan that details how you will remediate the findings and recommendations from the Safeguards Review. You should prioritize the most critical and urgent issues and document your progress and evidence of compliance.
  • Step 4: Submit the Safeguards Security Report. This is the final report that summarizes your Safeguards Program, your Safeguards Review results, and your Safeguards Recommendations implementation status. You should submit this report to the IRS Safeguards Office within 90 days of receiving FTI or annually thereafter.
  • Step 5: Prepare for the IRS Safeguards Audit. This is the external audit that verifies your compliance with the IRS Safeguards 1075 compliance standards. You should cooperate with the IRS Safeguards auditors and provide them with the necessary documentation and access to your systems and networks. You should also address any findings and recommendations from the audit and submit a corrective action plan to the IRS Safeguards Office.

These are the main steps of the process of becoming IRS Safeguards compliant. However, you should note that this is not a one-time event, but a continuous and dynamic process that requires constant monitoring and improvement. You should also be aware of the changes and updates in the IRS Safeguards 1075 compliance requirements and adjust your Safeguards Program accordingly.

How Much Does It Cost?

The cost of our services depends on various factors, such as the:

  • Size and complexity of your organization,
  • Scope and duration of the project, and
  • Level of support and customization you require.

We offer competitive and flexible pricing options that suit your budget and needs.

“Switching to PSG for our compliance and support was one of the best decisions we have ever made. We had multiple vendors, bills, etc. every month before switching. Now, we have one vendor, one bill, and a lot less work. So much is included in the PSG support platform once we added up all of our costs, time spent on compliance, and our other vendor’s we actually are saving over $2k a month. Plus, we don’t have to worry about the stress of performing a lot of functions we used to just to stay compliant as PSG takes care of them for us. Audits are a breeze and I can finally sleep at night.”

Ohio Law Firm & Special Counsel to the Ohio Attorney General

Set yourself apart from other Ohio Attorney General Special Counsels and join our existing clients at the top of the compliance leader board!

How to Get Started

Contact us to schedule your complimentary consultation. You can reach us by phone, email, or through our website. On our brief call, we answer all your questions and get a basic understanding of your current compliance status.

At the end of our conversation…

  • You have a better understanding of who we are and how we deliver value to your agency.
  • We have a better understanding of your needs and how we can help.
  • We schedule your free onsite evaluation to develop your customized solution to achieve your compliance goals.

Contact us today to schedule your free consultation.

614-465-3932 |  www.precisionsolution.com/call