Internal Revenue Code (IRC): Federal tax code governing tax reporting requirements and compliance standards for bookkeeping practices
Fair Labor Standards Act: Federal law regulating employment standards, relevant if the bookkeeping contract includes staffing provisions
Generally Accepted Accounting Principles (GAAP): Standardized accounting principles and guidelines that must be followed in financial record-keeping and reporting
Sarbanes-Oxley Act: Federal law establishing enhanced standards for corporate financial reporting and disclosure, particularly relevant when dealing with public companies
Bank Secrecy Act: Federal law requiring financial institutions and businesses to assist government agencies in detecting and preventing money laundering
Federal Privacy Laws: Laws governing the protection and handling of sensitive client information and financial data
State Licensing Requirements: State-specific regulations governing the licensing and certification of bookkeepers and accounting professionals
State Business Practice Regulations: State-level rules governing how bookkeeping businesses must operate within the state
State Privacy Laws: State-specific regulations regarding data protection and client confidentiality
State Contract Laws: State-specific laws governing contract formation, enforcement, and interpretation
AICPA Standards: Professional standards established by the American Institute of Certified Public Accountants for accounting practices
Record Retention Requirements: Federal and state regulations specifying how long different types of financial records must be maintained
Professional Liability Requirements: Regulations governing professional liability insurance and responsibility for bookkeeping services
Statute of Frauds: Legal requirement that certain contracts must be in writing to be enforceable
Data Protection Regulations: Laws and regulations governing the security and protection of financial and personal data
