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Wednesday, September 30, 2009

Red Flag Rules to go into effect November 1

The Red Flag Rules are "scheduled" to go into effect on November 1.  However, the effective date has been postponed three or four times.  But those of you who are affected by the Red Flag Rules need to assume that it will go into effect this time.

A partial list of types of businesses that need to comply with the Red Flag Rules are the following:
• Doctors, dentists, and other health care providers;

• Accountants and lawyers;
• Utilities;
• Telecommunications companies;
• Debt collectors;
• Retailers; and
• Employee benefit plans sponsoring flexible spending account arrangements when the arrangement utilizes a debit card.

A good primer on what you need to do to comply can be found at http://wistechnology.com/articles/6563/

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